Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,530/mo
Lowest payment- Down payment
- $349,604
- Funds due
- $370,027
- Interest + MI left
- $236,346
- First ends
- May 2051
Assumption
Assumption + second
$5,364/mo
+$1,834/mo- Down payment
- $93,604
- Funds due
- $115,766
- Interest + MI left
- $640,592
- First ends
- May 2051
New loan
New conventional
$6,576/mo
+$3,046/mo- Down payment
- $93,604
- Funds due
- $110,452
- Interest + MI left
- $1,222,949
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,396 | $580,396 | $836,396 |
| Second mortgage | — | $256,000 | — |
| First P&I | $2,787.52 | $2,787.52 | $5,666.04 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | — | — | $167.28 |
| Taxes, insurance & HOA | $742.67 | $742.67 | $742.67 |
| Total housing payment | $3,530.18 | $5,364.20 | $6,575.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,604
Closing costs & prepaids$22,162
Usable credit−$0
Total buyer cash needed$115,766
Earnest money paid−$0
Remaining funds due$115,766
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,901.98
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)$1,116.00
Initial HOA (3 months)$462.00
Prepaid interest, first (9 days)$425.04
Prepaid interest, second (9 days)$489.21
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 2.97%
Interest already paid$103,446Through Dec 2026
Assumption only · ends May 2051$236,346
Assumption + second · ends May 2051, second Jan 2057$640,592
New conventional · ends Jan 2057$1,222,949