Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,347/mo
Lowest payment- Down payment
- $326,967
- Funds due
- $339,420
- Interest + MI left
- $62,608
- First ends
- Feb 2051
Assumption
Assumption + second
$3,332/mo
+$1,984/mo- Down payment
- $49,967
- Funds due
- $63,729
- Interest + MI left
- $500,015
- First ends
- Feb 2051
New loan
New conventional
$3,740/mo
+$2,392/mo- Down payment
- $49,967
- Funds due
- $60,346
- Interest + MI left
- $680,989
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,033 | $172,033 | $449,033 |
| Second mortgage | — | $277,000 | — |
| First P&I | $806.33 | $806.33 | $3,109.01 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | — | — | $89.81 |
| Taxes, insurance & HOA | $540.83 | $540.83 | $540.83 |
| Total housing payment | $1,347.16 | $3,331.62 | $3,739.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,967
Closing costs & prepaids$13,762
Usable credit−$0
Total buyer cash needed$63,729
Earnest money paid−$0
Remaining funds due$63,729
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$860.17
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)$682.25
Initial HOA (3 months)$440.25
Prepaid interest, first (1 days)$12.73
Prepaid interest, second (1 days)$58.82
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 3 moOf the original 30-year loan at 2.700%
Interest already paid$28,870Through Nov 2026
Assumption only · ends Feb 2051$62,608
Assumption + second · ends Feb 2051, second Dec 2056$500,015
New conventional · ends Dec 2056$680,989