Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,540/mo
Lowest payment- Down payment
- $329,010
- Funds due
- $349,219
- Interest + MI left
- $240,995
- First ends
- May 2051
Assumption
Assumption + second
$5,245/mo
+$1,705/mo- Down payment
- $91,010
- Funds due
- $112,924
- Interest + MI left
- $616,817
- First ends
- May 2051
New loan
New conventional
$6,447/mo
+$2,907/mo- Down payment
- $91,010
- Funds due
- $107,629
- Interest + MI left
- $1,197,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,990 | $580,990 | $818,990 |
| Second mortgage | — | $238,000 | — |
| First P&I | $2,805.41 | $2,805.41 | $5,548.12 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $163.80 |
| Taxes, insurance & HOA | $734.67 | $734.67 | $734.67 |
| Total housing payment | $3,540.08 | $5,245.14 | $6,446.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$91,010
Closing costs & prepaids$21,914
Usable credit−$0
Total buyer cash needed$112,924
Earnest money paid−$0
Remaining funds due$112,924
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,904.95
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)$1,092.00
Initial HOA (3 months)$462.00
Prepaid interest, first (9 days)$432.64
Prepaid interest, second (9 days)$454.81
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 3.02%
Interest already paid$105,239Through Dec 2026
Assumption only · ends May 2051$240,995
Assumption + second · ends May 2051, second Jan 2057$616,817
New conventional · ends Jan 2057$1,197,499