Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,497/mo
Lowest payment- Down payment
- $133,955
- Funds due
- $144,903
- Interest + MI left
- $80,468
- First ends
- May 2051
Assumption
Assumption + second
$2,285/mo
+$789/mo- Down payment
- $35,955
- Funds due
- $48,370
- Interest + MI left
- $266,339
- First ends
- May 2051
New loan
New conventional
$2,675/mo
+$1,178/mo- Down payment
- $35,955
- Funds due
- $45,080
- Interest + MI left
- $458,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,945 | $215,945 | $313,945 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,011.65 | $1,011.65 | $2,126.77 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $62.79 |
| Taxes, insurance & HOA | $485.00 | $485.00 | $485.00 |
| Total housing payment | $1,496.65 | $2,285.18 | $2,674.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,955
Closing costs & prepaids$12,415
Usable credit−$0
Total buyer cash needed$48,370
Earnest money paid−$0
Remaining funds due$48,370
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%)$1,079.72
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)$420.00
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$145.90
Prepaid interest, second (9 days)$217.48
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$35,597Through Dec 2026
Assumption only · ends May 2051$80,468
Assumption + second · ends May 2051, second Jan 2057$266,339
New conventional · ends Jan 2057$458,977