Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,422/mo
Lowest payment- Down payment
- $328,194
- Funds due
- $344,261
- Interest + MI left
- $137,621
- First ends
- May 2051
Assumption
Assumption + second
$4,271/mo
+$1,848/mo- Down payment
- $70,194
- Funds due
- $87,894
- Interest + MI left
- $545,024
- First ends
- May 2051
New loan
New conventional
$5,072/mo
+$2,650/mo- Down payment
- $70,194
- Funds due
- $83,584
- Interest + MI left
- $919,418
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,806 | $370,806 | $628,806 |
| Second mortgage | — | $258,000 | — |
| First P&I | $1,735.25 | $1,735.25 | $4,259.75 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | — | — | $125.76 |
| Taxes, insurance & HOA | $686.92 | $686.92 | $686.92 |
| Total housing payment | $2,422.17 | $4,270.51 | $5,072.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,194
Closing costs & prepaids$17,700
Usable credit−$0
Total buyer cash needed$87,894
Earnest money paid−$0
Remaining funds due$87,894
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,854.03
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)$838.75
Initial HOA (3 months)$722.01
Prepaid interest, first (7 days)$194.14
Prepaid interest, second (7 days)$383.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$60,909Through Dec 2026
Assumption only · ends May 2051$137,621
Assumption + second · ends May 2051, second Jan 2057$545,024
New conventional · ends Jan 2057$919,418