Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,475/mo
Lowest payment- Down payment
- $214,587
- Funds due
- $229,810
- Interest + MI left
- $155,104
- First ends
- May 2051
Assumption
Assumption + second
$3,583/mo
+$1,108/mo- Down payment
- $63,587
- Funds due
- $80,358
- Interest + MI left
- $402,978
- First ends
- May 2051
New loan
New conventional
$4,487/mo
+$2,012/mo- Down payment
- $63,587
- Funds due
- $76,017
- Interest + MI left
- $831,845
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,913 | $417,913 | $568,913 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,955.69 | $1,955.69 | $3,854.01 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $113.78 |
| Taxes, insurance & HOA | $519.67 | $519.67 | $519.67 |
| Total housing payment | $2,475.36 | $3,583.34 | $4,487.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,587
Closing costs & prepaids$16,771
Usable credit−$0
Total buyer cash needed$80,358
Earnest money paid−$0
Remaining funds due$80,358
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,325.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,089.57
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$759.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$281.32
Prepaid interest, second (9 days)$297.86
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 2.73%
Interest already paid$68,646Through Dec 2026
Assumption only · ends May 2051$155,104
Assumption + second · ends May 2051, second Jan 2057$402,978
New conventional · ends Jan 2057$831,845