Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,544/mo
Lowest payment- Down payment
- $384,604
- Funds due
- $405,419
- Interest + MI left
- $236,346
- First ends
- May 2051
Assumption
Assumption + second
$5,607/mo
+$2,063/mo- Down payment
- $96,604
- Funds due
- $119,219
- Interest + MI left
- $691,123
- First ends
- May 2051
New loan
New conventional
$6,813/mo
+$3,269/mo- Down payment
- $96,604
- Funds due
- $113,870
- Interest + MI left
- $1,269,739
- 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 | $868,396 |
| Second mortgage | — | $288,000 | — |
| First P&I | $2,787.52 | $2,787.52 | $5,882.82 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $173.68 |
| Taxes, insurance & HOA | $756.67 | $756.67 | $756.67 |
| Total housing payment | $3,544.18 | $5,607.45 | $6,813.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$96,604
Closing costs & prepaids$22,615
Usable credit−$0
Total buyer cash needed$119,219
Earnest money paid−$0
Remaining funds due$119,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,650.00
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)$1,158.00
Initial HOA (3 months)$462.00
Prepaid interest, first (9 days)$425.04
Prepaid interest, second (9 days)$550.36
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$691,123
New conventional · ends Jan 2057$1,269,739