Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,251/mo
Lowest payment- Down payment
- $172,167
- Funds due
- $182,586
- Interest + MI left
- $72,229
- First ends
- May 2051
Assumption
Assumption + second
$2,248/mo
+$998/mo- Down payment
- $36,167
- Funds due
- $47,866
- Interest + MI left
- $295,480
- First ends
- May 2051
New loan
New conventional
$2,673/mo
+$1,422/mo- Down payment
- $36,167
- Funds due
- $44,544
- Interest + MI left
- $491,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,833 | $187,833 | $323,833 |
| Second mortgage | — | $136,000 | — |
| First P&I | $884.57 | $884.57 | $2,242.15 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $64.77 |
| Taxes, insurance & HOA | $366.00 | $366.00 | $366.00 |
| Total housing payment | $1,250.57 | $2,248.49 | $2,672.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,167
Closing costs & prepaids$11,699
Usable credit−$0
Total buyer cash needed$47,866
Earnest money paid−$0
Remaining funds due$47,866
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$939.17
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)$276.00
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$14.46
Prepaid interest, second (1 days)$29.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 2.810%
Interest already paid$31,215Through Nov 2026
Assumption only · ends May 2051$72,229
Assumption + second · ends May 2051, second Dec 2056$295,480
New conventional · ends Dec 2056$491,115