Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$661/mo
Lowest payment- Down payment
- $309,702
- Funds due
- $319,611
- Interest + MI left
- $35,515
- First ends
- May 2051
Assumption
Assumption + second
$2,595/mo
+$1,934/mo- Down payment
- $39,702
- Funds due
- $50,976
- Interest + MI left
- $461,868
- First ends
- May 2051
New loan
New conventional
$2,781/mo
+$2,120/mo- Down payment
- $39,702
- Funds due
- $48,125
- Interest + MI left
- $538,833
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,298 | $85,298 | $355,298 |
| Second mortgage | — | $270,000 | — |
| First P&I | $410.93 | $410.93 | $2,460.01 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | — | — | $71.06 |
| Taxes, insurance & HOA | $250.25 | $250.25 | $250.25 |
| Total housing payment | $661.18 | $2,595.49 | $2,781.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,702
Closing costs & prepaids$11,274
Usable credit−$0
Total buyer cash needed$50,976
Earnest money paid−$0
Remaining funds due$50,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$426.49
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$300.75
Prepaid interest, first (2 days)$14.12
Prepaid interest, second (2 days)$114.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$15,200Through Nov 2026
Assumption only · ends May 2051$35,515
Assumption + second · ends May 2051, second Dec 2056$461,868
New conventional · ends Dec 2056$538,833