Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,475/mo
Lowest payment- Down payment
- $385,409
- Funds due
- $402,661
- Interest + MI left
- $163,272
- First ends
- May 2051
Assumption
Assumption + second
$4,653/mo
+$2,178/mo- Down payment
- $81,409
- Funds due
- $99,975
- Interest + MI left
- $643,313
- First ends
- May 2051
New loan
New conventional
$5,666/mo
+$3,191/mo- Down payment
- $81,409
- Funds due
- $95,045
- Interest + MI left
- $1,104,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $424,591 | $424,591 | $728,591 |
| Second mortgage | — | $304,000 | — |
| First P&I | $1,999.53 | $1,999.53 | $5,044.62 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | — | — | $145.72 |
| Taxes, insurance & HOA | $475.92 | $475.92 | $475.92 |
| Total housing payment | $2,475.45 | $4,653.34 | $5,666.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,409
Closing costs & prepaids$18,566
Usable credit−$0
Total buyer cash needed$99,975
Earnest money paid−$0
Remaining funds due$99,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,122.95
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)$777.75
Prepaid interest, first (1 days)$32.69
Prepaid interest, second (1 days)$64.55
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 2.810%
Interest already paid$70,560Through Nov 2026
Assumption only · ends May 2051$163,272
Assumption + second · ends May 2051, second Dec 2056$643,313
New conventional · ends Dec 2056$1,104,957