Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,449/mo
Lowest payment- Down payment
- $227,209
- Funds due
- $242,239
- Interest + MI left
- $100,751
- First ends
- May 2051
Assumption
Assumption + second
$3,726/mo
+$1,277/mo- Down payment
- $53,209
- Funds due
- $69,565
- Interest + MI left
- $386,381
- First ends
- May 2051
New loan
New conventional
$4,455/mo
+$2,005/mo- Down payment
- $53,209
- Funds due
- $65,575
- Interest + MI left
- $715,408
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,791 | $297,791 | $471,791 |
| Second mortgage | — | $174,000 | — |
| First P&I | $1,355.58 | $1,355.58 | $3,266.59 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $94.36 |
| Taxes, insurance & HOA | $1,093.83 | $1,093.83 | $1,093.83 |
| Total housing payment | $2,449.42 | $3,726.17 | $4,454.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,209
Closing costs & prepaids$16,356
Usable credit−$0
Total buyer cash needed$69,565
Earnest money paid−$0
Remaining funds due$69,565
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,488.95
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)$2,019.50
Initial HOA (3 months)$762.00
Prepaid interest, first (2 days)$40.79
Prepaid interest, second (2 days)$76.27
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 29-year loan at 2.500%
Interest already paid$35,690Through Nov 2026
Assumption only · ends May 2051$100,751
Assumption + second · ends May 2051, second Dec 2056$386,381
New conventional · ends Dec 2056$715,408