Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,408/mo
Lowest payment- Down payment
- $213,584
- Funds due
- $228,361
- Interest + MI left
- $156,057
- First ends
- May 2051
Assumption
Assumption + second
$3,509/mo
+$1,101/mo- Down payment
- $63,584
- Funds due
- $79,644
- Interest + MI left
- $402,290
- First ends
- May 2051
New loan
New conventional
$4,506/mo
+$2,097/mo- Down payment
- $63,584
- Funds due
- $74,922
- Interest + MI left
- $862,799
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,916 | $418,916 | $568,916 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,955.69 | $1,955.69 | $3,939.06 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $113.78 |
| Taxes, insurance & HOA | $452.75 | $452.75 | $452.75 |
| Total housing payment | $2,408.44 | $3,509.09 | $4,505.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,584
Closing costs & prepaids$16,060
Usable credit−$0
Total buyer cash needed$79,644
Earnest money paid−$0
Remaining funds due$79,644
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,325.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,094.58
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)$558.25
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$31.33
Prepaid interest, second (1 days)$32.88
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 2.730%
Interest already paid$67,693Through Nov 2026
Assumption only · ends May 2051$156,057
Assumption + second · ends May 2051, second Dec 2056$402,290
New conventional · ends Dec 2056$862,799