Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,461/mo
Lowest payment- Down payment
- $322,381
- Funds due
- $335,303
- Interest + MI left
- $87,164
- First ends
- May 2051
Assumption
Assumption + second
$3,373/mo
+$1,913/mo- Down payment
- $55,381
- Funds due
- $70,063
- Interest + MI left
- $508,779
- First ends
- May 2051
New loan
New conventional
$3,836/mo
+$2,375/mo- Down payment
- $55,381
- Funds due
- $66,537
- Interest + MI left
- $723,069
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,519 | $227,519 | $494,519 |
| Second mortgage | — | $267,000 | — |
| First P&I | $1,074.00 | $1,074.00 | $3,350.04 |
| Second P&I | — | $1,912.82 | — |
| Mortgage insurance | — | — | $98.90 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,460.67 | $3,373.49 | $3,835.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,381
Closing costs & prepaids$14,682
Usable credit−$0
Total buyer cash needed$70,063
Earnest money paid−$0
Remaining funds due$70,063
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,137.60
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)$660.00
Prepaid interest, first (9 days)$157.64
Prepaid interest, second (9 days)$510.23
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$38,434Through Dec 2026
Assumption only · ends May 2051$87,164
Assumption + second · ends May 2051, second Jan 2057$508,779
New conventional · ends Jan 2057$723,069