Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,543/mo
Lowest payment- Down payment
- $85,995
- Funds due
- $96,655
- Interest + MI left
- $92,750
- First ends
- May 2051
Assumption
Assumption + second
$1,961/mo
+$418/mo- Down payment
- $33,995
- Funds due
- $46,020
- Interest + MI left
- $191,375
- First ends
- May 2051
New loan
New conventional
$2,475/mo
+$933/mo- Down payment
- $33,995
- Funds due
- $42,642
- Interest + MI left
- $439,913
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,905 | $248,905 | $300,905 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,166.06 | $1,166.06 | $2,038.44 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $60.18 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,542.73 | $1,961.13 | $2,475.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,995
Closing costs & prepaids$12,025
Usable credit−$0
Total buyer cash needed$46,020
Earnest money paid−$0
Remaining funds due$46,020
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,244.52
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)$402.00
Initial HOA (3 months)$278.01
Prepaid interest, first (9 days)$168.16
Prepaid interest, second (9 days)$115.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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$41,030Through Dec 2026
Assumption only · ends May 2051$92,750
Assumption + second · ends May 2051, second Jan 2057$191,375
New conventional · ends Jan 2057$439,913