Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,550/mo
Lowest payment- Down payment
- $398,604
- Funds due
- $419,576
- Interest + MI left
- $236,346
- First ends
- May 2051
Assumption
Assumption + second
$5,699/mo
+$2,149/mo- Down payment
- $98,604
- Funds due
- $121,399
- Interest + MI left
- $710,072
- First ends
- May 2051
New loan
New conventional
$6,902/mo
+$3,353/mo- Down payment
- $98,604
- Funds due
- $116,028
- Interest + MI left
- $1,287,285
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,396 | $580,396 | $880,396 |
| Second mortgage | — | $300,000 | — |
| First P&I | $2,787.52 | $2,787.52 | $5,964.11 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | — | — | $176.08 |
| Taxes, insurance & HOA | $762.25 | $762.25 | $762.25 |
| Total housing payment | $3,549.77 | $5,699.00 | $6,902.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,604
Closing costs & prepaids$22,795
Usable credit−$0
Total buyer cash needed$121,399
Earnest money paid−$0
Remaining funds due$121,399
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,901.98
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)$1,174.75
Initial HOA (3 months)$462.00
Prepaid interest, first (9 days)$425.04
Prepaid interest, second (9 days)$573.29
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 2.97%
Interest already paid$103,446Through Dec 2026
Assumption only · ends May 2051$236,346
Assumption + second · ends May 2051, second Jan 2057$710,072
New conventional · ends Jan 2057$1,287,285