Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $109,458
- Funds due
- $119,359
- Interest + MI left
- $98,196
- First ends
- May 2049
Assumption
Assumption + second
$2,082/mo
+$652/mo- Down payment
- $28,458
- Funds due
- $39,789
- Interest + MI left
- $251,824
- First ends
- May 2049
New loan
New conventional
$2,186/mo
+$755/mo- Down payment
- $28,458
- Funds due
- $36,689
- Interest + MI left
- $367,600
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,442 | $170,442 | $251,442 |
| Second mortgage | — | $81,000 | — |
| First P&I | $998.65 | $998.65 | $1,703.36 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $50.29 |
| Taxes, insurance & HOA | $432.00 | $432.00 | $432.00 |
| Total housing payment | $1,430.65 | $2,082.40 | $2,185.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,458
Closing costs & prepaids$11,330
Usable credit−$0
Total buyer cash needed$39,789
Earnest money paid−$0
Remaining funds due$39,789
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$852.21
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)$336.00
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$185.34
Prepaid interest, second (9 days)$179.75
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 closing22 yr 5 moOf the original 30-year loan at 4.41%
Interest already paid$62,127Through Dec 2026
Assumption only · ends May 2049$98,196
Assumption + second · ends May 2049, second Jan 2057$251,824
New conventional · ends Jan 2057$367,600