Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,923/mo
Lowest payment- Down payment
- $80,489
- Funds due
- $91,446
- Interest + MI left
- $61,536
- First ends
- May 2046
Assumption
Assumption + second
$2,374/mo
+$451/mo- Down payment
- $24,489
- Funds due
- $36,765
- Interest + MI left
- $167,748
- First ends
- May 2046
New loan
New conventional
$2,464/mo
+$541/mo- Down payment
- $24,489
- Funds due
- $33,765
- Interest + MI left
- $307,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,411 | $154,411 | $210,411 |
| Second mortgage | — | $56,000 | — |
| First P&I | $926.81 | $926.81 | $1,425.40 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $42.08 |
| Taxes, insurance & HOA | $996.67 | $996.67 | $996.67 |
| Total housing payment | $1,923.48 | $2,374.07 | $2,464.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,489
Closing costs & prepaids$12,276
Usable credit−$0
Total buyer cash needed$36,765
Earnest money paid−$0
Remaining funds due$36,765
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$772.05
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)$599.00
Initial HOA (3 months)$1,941.00
Prepaid interest, first (5 days)$77.42
Prepaid interest, second (5 days)$69.04
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 closing19 yr 5 moOf the original 30-year loan at 3.66%
Interest already paid$69,766Through Dec 2026
Assumption only · ends May 2046$61,536
Assumption + second · ends May 2046, second Jan 2057$167,748
New conventional · ends Jan 2057$307,572