Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,645/mo
Lowest payment- Down payment
- $419,633
- Funds due
- $433,937
- Interest + MI left
- $91,715
- First ends
- May 2051
Assumption
Assumption + second
$4,181/mo
+$2,536/mo- Down payment
- $65,633
- Funds due
- $81,338
- Interest + MI left
- $650,711
- First ends
- May 2051
New loan
New conventional
$4,712/mo
+$3,067/mo- Down payment
- $65,633
- Funds due
- $77,536
- Interest + MI left
- $886,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,367 | $230,367 | $584,367 |
| Second mortgage | — | $354,000 | — |
| First P&I | $1,095.52 | $1,095.52 | $4,046.04 |
| Second P&I | — | $2,536.10 | — |
| Mortgage insurance | — | — | $116.87 |
| Taxes, insurance & HOA | $549.25 | $549.25 | $549.25 |
| Total housing payment | $1,644.77 | $4,180.87 | $4,712.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,633
Closing costs & prepaids$15,705
Usable credit−$0
Total buyer cash needed$81,338
Earnest money paid−$0
Remaining funds due$81,338
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%)$1,151.83
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)$1,147.75
Prepaid interest, first (2 days)$36.61
Prepaid interest, second (2 days)$150.33
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 2.900%
Interest already paid$39,471Through Nov 2026
Assumption only · ends May 2051$91,715
Assumption + second · ends May 2051, second Dec 2056$650,711
New conventional · ends Dec 2056$886,115