Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,436/mo
Lowest payment- Down payment
- $383,256
- Funds due
- $403,375
- Interest + MI left
- $237,786
- First ends
- May 2051
Assumption
Assumption + second
$5,485/mo
+$2,049/mo- Down payment
- $97,256
- Funds due
- $118,686
- Interest + MI left
- $689,404
- First ends
- May 2051
New loan
New conventional
$6,830/mo
+$3,394/mo- Down payment
- $97,256
- Funds due
- $112,829
- Interest + MI left
- $1,315,992
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $581,744 | $581,744 | $867,744 |
| Second mortgage | — | $286,000 | — |
| First P&I | $2,787.52 | $2,787.52 | $6,008.08 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | — | — | $173.55 |
| Taxes, insurance & HOA | $648.25 | $648.25 | $648.25 |
| Total housing payment | $3,435.77 | $5,484.71 | $6,829.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$97,256
Closing costs & prepaids$21,430
Usable credit−$0
Total buyer cash needed$118,686
Earnest money paid−$0
Remaining funds due$118,686
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,908.72
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)$832.75
Initial HOA (3 months)$462.00
Prepaid interest, first (1 days)$47.34
Prepaid interest, second (1 days)$60.73
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 2.970%
Interest already paid$102,006Through Nov 2026
Assumption only · ends May 2051$237,786
Assumption + second · ends May 2051, second Dec 2056$689,404
New conventional · ends Dec 2056$1,315,992