Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,853/mo
Lowest payment- Down payment
- $111,982
- Funds due
- $123,693
- Interest + MI left
- $79,340
- First ends
- May 2051
Assumption
Assumption + second
$2,488/mo
+$636/mo- Down payment
- $32,982
- Funds due
- $46,021
- Interest + MI left
- $229,175
- First ends
- May 2051
New loan
New conventional
$2,877/mo
+$1,025/mo- Down payment
- $32,982
- Funds due
- $42,669
- Interest + MI left
- $421,805
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,918 | $212,918 | $291,918 |
| Second mortgage | — | $79,000 | — |
| First P&I | $997.47 | $997.47 | $1,963.75 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $58.38 |
| Taxes, insurance & HOA | $855.17 | $855.17 | $855.17 |
| Total housing payment | $1,852.63 | $2,488.29 | $2,877.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,982
Closing costs & prepaids$13,039
Usable credit−$0
Total buyer cash needed$46,021
Earnest money paid−$0
Remaining funds due$46,021
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,064.59
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)$828.50
Initial HOA (3 months)$1,287.00
Prepaid interest, first (4 days)$63.93
Prepaid interest, second (4 days)$77.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5 moOf the original 30-year loan at 2.74%
Interest already paid$35,098Through Dec 2026
Assumption only · ends May 2051$79,340
Assumption + second · ends May 2051, second Jan 2057$229,175
New conventional · ends Jan 2057$421,805