Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,861/mo
Lowest payment- Down payment
- $330,877
- Funds due
- $349,079
- Interest + MI left
- $176,536
- First ends
- May 2051
Assumption
Assumption + second
$4,652/mo
+$1,791/mo- Down payment
- $80,877
- Funds due
- $100,807
- Interest + MI left
- $571,307
- First ends
- May 2051
New loan
New conventional
$5,670/mo
+$2,808/mo- Down payment
- $80,877
- Funds due
- $96,088
- Interest + MI left
- $1,050,015
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $468,123 | $468,123 | $718,123 |
| Second mortgage | — | $250,000 | — |
| First P&I | $2,200.20 | $2,200.20 | $4,864.82 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | — | — | $143.62 |
| Taxes, insurance & HOA | $661.25 | $661.25 | $661.25 |
| Total housing payment | $2,861.45 | $4,652.48 | $5,669.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,877
Closing costs & prepaids$19,930
Usable credit−$0
Total buyer cash needed$100,807
Earnest money paid−$0
Remaining funds due$100,807
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,340.61
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)$958.75
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$319.73
Prepaid interest, second (9 days)$477.74
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 2.77%
Interest already paid$77,986Through Dec 2026
Assumption only · ends May 2051$176,536
Assumption + second · ends May 2051, second Jan 2057$571,307
New conventional · ends Jan 2057$1,050,015