Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,501/mo
Lowest payment- Down payment
- $109,087
- Funds due
- $119,056
- Interest + MI left
- $98,824
- First ends
- May 2049
Assumption
Assumption + second
$2,153/mo
+$652/mo- Down payment
- $28,087
- Funds due
- $39,346
- Interest + MI left
- $252,451
- First ends
- May 2049
New loan
New conventional
$2,296/mo
+$795/mo- Down payment
- $28,087
- Funds due
- $36,189
- Interest + MI left
- $381,891
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,813 | $170,813 | $251,813 |
| Second mortgage | — | $81,000 | — |
| First P&I | $998.65 | $998.65 | $1,743.50 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $50.36 |
| Taxes, insurance & HOA | $502.25 | $502.25 | $502.25 |
| Total housing payment | $1,500.90 | $2,152.65 | $2,296.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,087
Closing costs & prepaids$11,259
Usable credit−$0
Total buyer cash needed$39,346
Earnest money paid−$0
Remaining funds due$39,346
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%)$854.06
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)$546.75
Initial HOA (3 months)$510.00
Prepaid interest, first (2 days)$41.28
Prepaid interest, second (2 days)$39.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 4.410%
Interest already paid$61,499Through Nov 2026
Assumption only · ends May 2049$98,824
Assumption + second · ends May 2049, second Dec 2056$252,451
New conventional · ends Dec 2056$381,891