Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,731/mo
Lowest payment- Down payment
- $282,180
- Funds due
- $295,436
- Interest + MI left
- $110,678
- First ends
- May 2051
Assumption
Assumption + second
$3,343/mo
+$1,612/mo- Down payment
- $57,180
- Funds due
- $71,733
- Interest + MI left
- $465,972
- First ends
- May 2051
New loan
New conventional
$4,029/mo
+$2,298/mo- Down payment
- $57,180
- Funds due
- $67,714
- Interest + MI left
- $777,726
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,820 | $287,820 | $512,820 |
| Second mortgage | — | $225,000 | — |
| First P&I | $1,355.44 | $1,355.44 | $3,550.66 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | — | — | $102.56 |
| Taxes, insurance & HOA | $375.50 | $375.50 | $375.50 |
| Total housing payment | $1,730.94 | $3,342.87 | $4,028.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,180
Closing costs & prepaids$14,554
Usable credit−$0
Total buyer cash needed$71,733
Earnest money paid−$0
Remaining funds due$71,733
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,439.10
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)$480.50
Initial HOA (3 months)$146.01
Prepaid interest, first (1 days)$22.16
Prepaid interest, second (1 days)$47.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 2.810%
Interest already paid$47,831Through Nov 2026
Assumption only · ends May 2051$110,678
Assumption + second · ends May 2051, second Dec 2056$465,972
New conventional · ends Dec 2056$777,726