Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,494/mo
Lowest payment- Down payment
- $133,438
- Funds due
- $144,250
- Interest + MI left
- $80,962
- First ends
- May 2051
Assumption
Assumption + second
$2,282/mo
+$789/mo- Down payment
- $35,438
- Funds due
- $47,524
- Interest + MI left
- $266,833
- First ends
- May 2051
New loan
New conventional
$2,722/mo
+$1,229/mo- Down payment
- $35,438
- Funds due
- $44,068
- Interest + MI left
- $476,840
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,462 | $216,462 | $314,462 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,011.65 | $1,011.65 | $2,177.27 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $62.89 |
| Taxes, insurance & HOA | $482.25 | $482.25 | $482.25 |
| Total housing payment | $1,493.90 | $2,282.43 | $2,722.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,438
Closing costs & prepaids$12,086
Usable credit−$0
Total buyer cash needed$47,524
Earnest money paid−$0
Remaining funds due$47,524
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,082.31
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)$411.75
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$16.25
Prepaid interest, second (1 days)$24.16
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 2.740%
Interest already paid$35,103Through Nov 2026
Assumption only · ends May 2051$80,962
Assumption + second · ends May 2051, second Dec 2056$266,833
New conventional · ends Dec 2056$476,840