Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,635/mo
Lowest payment- Down payment
- $391,835
- Funds due
- $409,393
- Interest + MI left
- $168,897
- First ends
- May 2050
Assumption
Assumption + second
$4,885/mo
+$2,250/mo- Down payment
- $77,835
- Funds due
- $97,243
- Interest + MI left
- $664,730
- First ends
- May 2050
New loan
New conventional
$5,531/mo
+$2,896/mo- Down payment
- $77,835
- Funds due
- $92,828
- Interest + MI left
- $1,018,639
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,665 | $382,665 | $696,665 |
| Second mortgage | — | $314,000 | — |
| First P&I | $1,962.85 | $1,962.85 | $4,719.45 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | — | — | $139.33 |
| Taxes, insurance & HOA | $672.50 | $672.50 | $672.50 |
| Total housing payment | $2,635.35 | $4,884.89 | $5,531.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,835
Closing costs & prepaids$19,408
Usable credit−$0
Total buyer cash needed$97,243
Earnest money paid−$0
Remaining funds due$97,243
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,745.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,913.32
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$929.50
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$314.20
Prepaid interest, second (9 days)$600.04
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 closing23 yr 5 moOf the original 30-year loan at 3.33%
Interest already paid$91,230Through Dec 2026
Assumption only · ends May 2050$168,897
Assumption + second · ends May 2050, second Jan 2057$664,730
New conventional · ends Jan 2057$1,018,639