Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,670/mo
Lowest payment- Down payment
- $488,652
- Funds due
- $507,545
- Interest + MI left
- $151,984
- First ends
- May 2051
Assumption
Assumption + second
$5,528/mo
+$2,858/mo- Down payment
- $89,652
- Funds due
- $109,880
- Interest + MI left
- $782,038
- First ends
- May 2051
New loan
New conventional
$6,508/mo
+$3,838/mo- Down payment
- $89,652
- Funds due
- $104,957
- Interest + MI left
- $1,221,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,348 | $406,348 | $805,348 |
| Second mortgage | — | $399,000 | — |
| First P&I | $1,899.09 | $1,899.09 | $5,576.07 |
| Second P&I | — | $2,858.48 | — |
| Mortgage insurance | — | — | $161.07 |
| Taxes, insurance & HOA | $770.92 | $770.92 | $770.92 |
| Total housing payment | $2,670.01 | $5,528.49 | $6,508.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,652
Closing costs & prepaids$20,228
Usable credit−$0
Total buyer cash needed$109,880
Earnest money paid−$0
Remaining funds due$109,880
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,031.74
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)$1,224.75
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$30.50
Prepaid interest, second (1 days)$84.72
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 2.740%
Interest already paid$65,896Through Nov 2026
Assumption only · ends May 2051$151,984
Assumption + second · ends May 2051, second Dec 2056$782,038
New conventional · ends Dec 2056$1,221,364