Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$942/mo
Lowest payment- Down payment
- $382,514
- Funds due
- $394,315
- Interest + MI left
- $42,577
- First ends
- Feb 2051
Assumption
Assumption + second
$3,321/mo
+$2,378/mo- Down payment
- $50,514
- Funds due
- $64,199
- Interest + MI left
- $566,833
- First ends
- Feb 2051
New loan
New conventional
$3,522/mo
+$2,579/mo- Down payment
- $50,514
- Funds due
- $61,150
- Interest + MI left
- $655,761
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,486 | $116,486 | $448,486 |
| Second mortgage | — | $332,000 | — |
| First P&I | $548.49 | $548.49 | $3,038.20 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | — | — | $89.70 |
| Taxes, insurance & HOA | $393.92 | $393.92 | $393.92 |
| Total housing payment | $942.41 | $3,320.90 | $3,521.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,514
Closing costs & prepaids$13,685
Usable credit−$0
Total buyer cash needed$64,199
Earnest money paid−$0
Remaining funds due$64,199
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$582.43
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)$598.75
Initial HOA (3 months)$83.01
Prepaid interest, first (9 days)$78.13
Prepaid interest, second (9 days)$634.44
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$20,001Through Dec 2026
Assumption only · ends Feb 2051$42,577
Assumption + second · ends Feb 2051, second Jan 2057$566,833
New conventional · ends Jan 2057$655,761