Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,905/mo
Lowest payment- Down payment
- $357,047
- Funds due
- $371,738
- Interest + MI left
- $116,579
- First ends
- May 2051
Assumption
Assumption + second
$3,983/mo
+$2,078/mo- Down payment
- $67,047
- Funds due
- $83,358
- Interest + MI left
- $574,513
- First ends
- May 2051
New loan
New conventional
$4,644/mo
+$2,739/mo- Down payment
- $67,047
- Funds due
- $79,281
- Interest + MI left
- $881,471
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,853 | $312,853 | $602,853 |
| Second mortgage | — | $290,000 | — |
| First P&I | $1,465.64 | $1,465.64 | $4,083.94 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | — | — | $120.57 |
| Taxes, insurance & HOA | $439.67 | $439.67 | $439.67 |
| Total housing payment | $1,905.30 | $3,982.90 | $4,644.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,047
Closing costs & prepaids$16,311
Usable credit−$0
Total buyer cash needed$83,358
Earnest money paid−$0
Remaining funds due$83,358
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,564.27
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)$804.00
Initial HOA (3 months)$15.00
Prepaid interest, first (6 days)$140.91
Prepaid interest, second (6 days)$369.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.74%
Interest already paid$51,572Through Dec 2026
Assumption only · ends May 2051$116,579
Assumption + second · ends May 2051, second Jan 2057$574,513
New conventional · ends Jan 2057$881,471