Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$743/mo
Lowest payment- Down payment
- $320,451
- Funds due
- $330,789
- Interest + MI left
- $31,890
- First ends
- Dec 2051
Assumption
Assumption + second
$2,749/mo
+$2,006/mo- Down payment
- $40,451
- Funds due
- $52,574
- Interest + MI left
- $474,034
- First ends
- Dec 2051
New loan
New conventional
$2,880/mo
+$2,136/mo- Down payment
- $40,451
- Funds due
- $49,774
- Interest + MI left
- $525,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,549 | $79,549 | $359,549 |
| Second mortgage | — | $280,000 | — |
| First P&I | $371.46 | $371.46 | $2,435.71 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $71.91 |
| Taxes, insurance & HOA | $372.00 | $372.00 | $372.00 |
| Total housing payment | $743.46 | $2,749.42 | $2,879.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,451
Closing costs & prepaids$12,123
Usable credit−$0
Total buyer cash needed$52,574
Earnest money paid−$0
Remaining funds due$52,574
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$397.75
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)$480.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$56.10
Prepaid interest, second (9 days)$535.07
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 closing25 yrOf the original 30-year loan at 2.86%
Interest already paid$12,131Through Dec 2026
Assumption only · ends Dec 2051$31,890
Assumption + second · ends Dec 2051, second Jan 2057$474,034
New conventional · ends Jan 2057$525,720