Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,026/mo
Lowest payment- Down payment
- $535,762
- Funds due
- $553,270
- Interest + MI left
- $114,770
- First ends
- May 2051
Assumption
Assumption + second
$5,257/mo
+$3,231/mo- Down payment
- $84,762
- Funds due
- $104,382
- Interest + MI left
- $826,937
- First ends
- May 2051
New loan
New conventional
$5,881/mo
+$3,855/mo- Down payment
- $84,762
- Funds due
- $100,221
- Interest + MI left
- $1,111,594
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,238 | $309,238 | $760,238 |
| Second mortgage | — | $451,000 | — |
| First P&I | $1,447.13 | $1,447.13 | $5,150.12 |
| Second P&I | — | $3,231.02 | — |
| Mortgage insurance | — | — | $152.05 |
| Taxes, insurance & HOA | $578.42 | $578.42 | $578.42 |
| Total housing payment | $2,025.54 | $5,256.56 | $5,880.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,762
Closing costs & prepaids$19,619
Usable credit−$0
Total buyer cash needed$104,382
Earnest money paid−$0
Remaining funds due$104,382
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,546.19
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)$1,014.00
Initial HOA (3 months)$71.25
Prepaid interest, first (9 days)$208.16
Prepaid interest, second (9 days)$861.84
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 2.73%
Interest already paid$50,795Through Dec 2026
Assumption only · ends May 2051$114,770
Assumption + second · ends May 2051, second Jan 2057$826,937
New conventional · ends Jan 2057$1,111,594