Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,008/mo
Lowest payment- Down payment
- $718,460
- Funds due
- $740,575
- Interest + MI left
- $196,419
- First ends
- May 2051
Assumption
Assumption + second
$7,292/mo
+$4,284/mo- Down payment
- $120,460
- Funds due
- $143,952
- Interest + MI left
- $1,140,712
- First ends
- May 2051
New loan
New conventional
$8,388/mo
+$5,381/mo- Down payment
- $120,460
- Funds due
- $138,354
- Interest + MI left
- $1,635,678
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $480,540 | $480,540 | $1,078,540 |
| Second mortgage | — | $598,000 | — |
| First P&I | $2,302.58 | $2,302.58 | $7,467.59 |
| Second P&I | — | $4,284.15 | — |
| Mortgage insurance | — | — | $215.71 |
| Taxes, insurance & HOA | $705.08 | $705.08 | $705.08 |
| Total housing payment | $3,007.67 | $7,291.81 | $8,388.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,460
Closing costs & prepaids$23,492
Usable credit−$0
Total buyer cash needed$143,952
Earnest money paid−$0
Remaining funds due$143,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,402.70
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)$1,120.25
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$39.10
Prepaid interest, second (1 days)$126.97
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 2.970%
Interest already paid$84,260Through Nov 2026
Assumption only · ends May 2051$196,419
Assumption + second · ends May 2051, second Dec 2056$1,140,712
New conventional · ends Dec 2056$1,635,678