Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,454/mo
Lowest payment- Down payment
- $327,670
- Funds due
- $347,242
- Interest + MI left
- $242,460
- First ends
- May 2051
Assumption
Assumption + second
$5,144/mo
+$1,691/mo- Down payment
- $91,670
- Funds due
- $112,543
- Interest + MI left
- $615,124
- First ends
- May 2051
New loan
New conventional
$6,478/mo
+$3,024/mo- Down payment
- $91,670
- Funds due
- $106,739
- Interest + MI left
- $1,241,053
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $582,330 | $582,330 | $818,330 |
| Second mortgage | — | $236,000 | — |
| First P&I | $2,805.41 | $2,805.41 | $5,665.95 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $163.67 |
| Taxes, insurance & HOA | $648.25 | $648.25 | $648.25 |
| Total housing payment | $3,453.66 | $5,144.39 | $6,477.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$91,670
Closing costs & prepaids$20,873
Usable credit−$0
Total buyer cash needed$112,543
Earnest money paid−$0
Remaining funds due$112,543
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,911.65
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)$48.18
Prepaid interest, second (1 days)$50.11
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 3.020%
Interest already paid$103,773Through Nov 2026
Assumption only · ends May 2051$242,460
Assumption + second · ends May 2051, second Dec 2056$615,124
New conventional · ends Dec 2056$1,241,053