Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,830/mo
Lowest payment- Down payment
- $87,126
- Funds due
- $98,540
- Interest + MI left
- $79,005
- First ends
- May 2051
Assumption
Assumption + second
$2,289/mo
+$459/mo- Down payment
- $30,126
- Funds due
- $42,860
- Interest + MI left
- $187,114
- First ends
- May 2051
New loan
New conventional
$2,716/mo
+$886/mo- Down payment
- $30,126
- Funds due
- $39,567
- Interest + MI left
- $394,599
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,873 | $212,873 | $269,873 |
| Second mortgage | — | $57,000 | — |
| First P&I | $996.17 | $996.17 | $1,828.21 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $53.97 |
| Taxes, insurance & HOA | $834.00 | $834.00 | $834.00 |
| Total housing payment | $1,830.17 | $2,288.81 | $2,716.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,126
Closing costs & prepaids$12,734
Usable credit−$0
Total buyer cash needed$42,860
Earnest money paid−$0
Remaining funds due$42,860
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,064.36
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)$765.00
Initial HOA (3 months)$1,287.00
Prepaid interest, first (5 days)$79.61
Prepaid interest, second (5 days)$70.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.73%
Interest already paid$34,967Through Dec 2026
Assumption only · ends May 2051$79,005
Assumption + second · ends May 2051, second Jan 2057$187,114
New conventional · ends Jan 2057$394,599