Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,594/mo
Lowest payment- Down payment
- $144,145
- Funds due
- $155,548
- Interest + MI left
- $94,967
- First ends
- May 2051
Assumption
Assumption + second
$2,357/mo
+$763/mo- Down payment
- $40,145
- Funds due
- $53,004
- Interest + MI left
- $265,688
- First ends
- May 2051
New loan
New conventional
$2,902/mo
+$1,309/mo- Down payment
- $40,145
- Funds due
- $49,543
- Interest + MI left
- $524,705
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,855 | $254,855 | $358,855 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,193.93 | $1,193.93 | $2,431.01 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $71.77 |
| Taxes, insurance & HOA | $399.58 | $399.58 | $399.58 |
| Total housing payment | $1,593.51 | $2,356.63 | $2,902.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,145
Closing costs & prepaids$12,858
Usable credit−$0
Total buyer cash needed$53,004
Earnest money paid−$0
Remaining funds due$53,004
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,274.27
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)$478.75
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$172.18
Prepaid interest, second (9 days)$205.15
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$42,011Through Dec 2026
Assumption only · ends May 2051$94,967
Assumption + second · ends May 2051, second Jan 2057$265,688
New conventional · ends Jan 2057$524,705