Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,903/mo
Lowest payment- Down payment
- $98,371
- Funds due
- $113,510
- Interest + MI left
- $179,437
- First ends
- May 2051
Assumption
Assumption + second
$3,232/mo
+$330/mo- Down payment
- $57,371
- Funds due
- $73,780
- Interest + MI left
- $257,199
- First ends
- May 2051
New loan
New conventional
$4,321/mo
+$1,419/mo- Down payment
- $57,371
- Funds due
- $68,943
- Interest + MI left
- $769,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $466,629 | $466,629 | $507,629 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,197.50 | $2,197.50 | $3,514.72 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $101.53 |
| Taxes, insurance & HOA | $705.08 | $705.08 | $705.08 |
| Total housing payment | $2,902.59 | $3,232.48 | $4,321.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,371
Closing costs & prepaids$16,408
Usable credit−$0
Total buyer cash needed$73,780
Earnest money paid−$0
Remaining funds due$73,780
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,333.14
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)$1,390.25
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$71.85
Prepaid interest, second (2 days)$20.22
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 2.810%
Interest already paid$77,546Through Nov 2026
Assumption only · ends May 2051$179,437
Assumption + second · ends May 2051, second Dec 2056$257,199
New conventional · ends Dec 2056$769,752