Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,378/mo
Lowest payment- Down payment
- $123,151
- Funds due
- $133,011
- Interest + MI left
- $45,967
- First ends
- May 2046
Assumption
Assumption + second
$2,175/mo
+$797/mo- Down payment
- $24,151
- Funds due
- $35,407
- Interest + MI left
- $233,735
- First ends
- May 2046
New loan
New conventional
$2,185/mo
+$806/mo- Down payment
- $24,151
- Funds due
- $32,578
- Interest + MI left
- $315,461
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,749 | $116,749 | $215,749 |
| Second mortgage | — | $99,000 | — |
| First P&I | $698.35 | $698.35 | $1,461.56 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $43.15 |
| Taxes, insurance & HOA | $679.92 | $679.92 | $679.92 |
| Total housing payment | $1,378.27 | $2,174.85 | $2,184.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,151
Closing costs & prepaids$11,256
Usable credit−$0
Total buyer cash needed$35,407
Earnest money paid−$0
Remaining funds due$35,407
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$583.75
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)$611.75
Initial HOA (3 months)$978.00
Prepaid interest, first (6 days)$69.47
Prepaid interest, second (6 days)$146.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.62%
Interest already paid$52,215Through Dec 2026
Assumption only · ends May 2046$45,967
Assumption + second · ends May 2046, second Jan 2057$233,735
New conventional · ends Jan 2057$315,461