Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $139,359
- Funds due
- $149,882
- Interest + MI left
- $72,639
- First ends
- May 2051
Assumption
Assumption + second
$2,171/mo
+$778/mo- Down payment
- $33,359
- Funds due
- $45,156
- Interest + MI left
- $246,644
- First ends
- May 2051
New loan
New conventional
$2,607/mo
+$1,214/mo- Down payment
- $33,359
- Funds due
- $41,853
- Interest + MI left
- $448,300
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,641 | $189,641 | $295,641 |
| Second mortgage | — | $106,000 | — |
| First P&I | $892.11 | $892.11 | $2,046.96 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $59.13 |
| Taxes, insurance & HOA | $500.92 | $500.92 | $500.92 |
| Total housing payment | $1,393.03 | $2,170.82 | $2,607.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,359
Closing costs & prepaids$11,797
Usable credit−$0
Total buyer cash needed$45,156
Earnest money paid−$0
Remaining funds due$45,156
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$948.21
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)$618.75
Initial HOA (3 months)$434.01
Prepaid interest, first (1 days)$14.55
Prepaid interest, second (1 days)$23.23
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 2.800%
Interest already paid$31,406Through Nov 2026
Assumption only · ends May 2051$72,639
Assumption + second · ends May 2051, second Dec 2056$246,644
New conventional · ends Dec 2056$448,300