Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,439/mo
Lowest payment- Down payment
- $95,976
- Funds due
- $106,143
- Interest + MI left
- $80,368
- First ends
- May 2051
Assumption
Assumption + second
$1,978/mo
+$539/mo- Down payment
- $28,976
- Funds due
- $40,409
- Interest + MI left
- $207,443
- First ends
- May 2051
New loan
New conventional
$2,362/mo
+$922/mo- Down payment
- $28,976
- Funds due
- $37,131
- Interest + MI left
- $394,344
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,024 | $193,024 | $260,024 |
| Second mortgage | — | $67,000 | — |
| First P&I | $929.90 | $929.90 | $1,800.35 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $52.00 |
| Taxes, insurance & HOA | $509.17 | $509.17 | $509.17 |
| Total housing payment | $1,439.07 | $1,978.17 | $2,361.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,976
Closing costs & prepaids$11,433
Usable credit−$0
Total buyer cash needed$40,409
Earnest money paid−$0
Remaining funds due$40,409
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$965.12
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$309.50
Initial HOA (3 months)$768.00
Prepaid interest, first (1 days)$15.97
Prepaid interest, second (1 days)$16.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 6 moOf the original 30-year loan at 3.020%
Interest already paid$34,397Through Nov 2026
Assumption only · ends May 2051$80,368
Assumption + second · ends May 2051, second Dec 2056$207,443
New conventional · ends Dec 2056$394,344