Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,707/mo
Lowest payment- Down payment
- $204,762
- Funds due
- $220,374
- Interest + MI left
- $165,863
- First ends
- May 2051
Assumption
Assumption + second
$3,727/mo
+$1,020/mo- Down payment
- $65,762
- Funds due
- $82,654
- Interest + MI left
- $394,038
- First ends
- May 2051
New loan
New conventional
$4,790/mo
+$2,083/mo- Down payment
- $65,762
- Funds due
- $77,782
- Interest + MI left
- $885,919
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,238 | $445,238 | $584,238 |
| Second mortgage | — | $139,000 | — |
| First P&I | $2,078.57 | $2,078.57 | $4,045.15 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $116.85 |
| Taxes, insurance & HOA | $628.08 | $628.08 | $628.08 |
| Total housing payment | $2,706.66 | $3,726.59 | $4,790.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,762
Closing costs & prepaids$16,892
Usable credit−$0
Total buyer cash needed$82,654
Earnest money paid−$0
Remaining funds due$82,654
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,226.19
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)$946.25
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$33.30
Prepaid interest, second (1 days)$30.47
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$71,947Through Nov 2026
Assumption only · ends May 2051$165,863
Assumption + second · ends May 2051, second Dec 2056$394,038
New conventional · ends Dec 2056$885,919