Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,540/mo
Lowest payment- Down payment
- $386,415
- Funds due
- $404,116
- Interest + MI left
- $162,277
- First ends
- May 2051
Assumption
Assumption + second
$4,725/mo
+$2,185/mo- Down payment
- $81,415
- Funds due
- $100,949
- Interest + MI left
- $643,898
- First ends
- May 2051
New loan
New conventional
$5,622/mo
+$3,082/mo- Down payment
- $81,415
- Funds due
- $96,388
- Interest + MI left
- $1,065,312
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,585 | $423,585 | $728,585 |
| Second mortgage | — | $305,000 | — |
| First P&I | $1,999.53 | $1,999.53 | $4,935.69 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | — | — | $145.72 |
| Taxes, insurance & HOA | $540.67 | $540.67 | $540.67 |
| Total housing payment | $2,540.20 | $4,725.26 | $5,622.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,415
Closing costs & prepaids$19,534
Usable credit−$0
Total buyer cash needed$100,949
Earnest money paid−$0
Remaining funds due$100,949
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,117.93
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)$972.00
Prepaid interest, first (9 days)$293.49
Prepaid interest, second (9 days)$582.84
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 2.81%
Interest already paid$71,554Through Dec 2026
Assumption only · ends May 2051$162,277
Assumption + second · ends May 2051, second Jan 2057$643,898
New conventional · ends Jan 2057$1,065,312