Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,864/mo
Lowest payment- Down payment
- $378,952
- Funds due
- $393,476
- Interest + MI left
- $139,034
- First ends
- May 2051
Assumption
Assumption + second
$4,070/mo
+$2,207/mo- Down payment
- $70,952
- Funds due
- $86,857
- Interest + MI left
- $625,392
- First ends
- May 2051
New loan
New conventional
$4,780/mo
+$2,916/mo- Down payment
- $70,952
- Funds due
- $82,569
- Interest + MI left
- $953,716
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,948 | $320,948 | $628,948 |
| Second mortgage | — | $308,000 | — |
| First P&I | $1,564.56 | $1,564.56 | $4,354.71 |
| Second P&I | — | $2,206.55 | — |
| Mortgage insurance | — | — | $125.79 |
| Taxes, insurance & HOA | $299.17 | $299.17 | $299.17 |
| Total housing payment | $1,863.73 | $4,070.28 | $4,779.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,952
Closing costs & prepaids$15,905
Usable credit−$0
Total buyer cash needed$86,857
Earnest money paid−$0
Remaining funds due$86,857
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,604.74
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)$397.50
Prepaid interest, first (2 days)$55.04
Prepaid interest, second (2 days)$130.79
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 3.130%
Interest already paid$59,209Through Nov 2026
Assumption only · ends May 2051$139,034
Assumption + second · ends May 2051, second Dec 2056$625,392
New conventional · ends Dec 2056$953,716