Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,861/mo
Lowest payment- Down payment
- $389,787
- Funds due
- $404,402
- Interest + MI left
- $90,270
- First ends
- May 2051
Assumption
Assumption + second
$4,211/mo
+$2,350/mo- Down payment
- $61,787
- Funds due
- $77,792
- Interest + MI left
- $608,209
- First ends
- May 2051
New loan
New conventional
$4,707/mo
+$2,846/mo- Down payment
- $61,787
- Funds due
- $74,081
- Interest + MI left
- $829,776
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,213 | $219,213 | $547,213 |
| Second mortgage | — | $328,000 | — |
| First P&I | $1,052.66 | $1,052.66 | $3,788.79 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | — | — | $109.44 |
| Taxes, insurance & HOA | $808.42 | $808.42 | $808.42 |
| Total housing payment | $1,861.08 | $4,210.91 | $4,706.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,787
Closing costs & prepaids$16,005
Usable credit−$0
Total buyer cash needed$77,792
Earnest money paid−$0
Remaining funds due$77,792
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,096.06
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)$1,925.25
Prepaid interest, first (2 days)$35.91
Prepaid interest, second (2 days)$139.29
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 2.990%
Interest already paid$38,689Through Nov 2026
Assumption only · ends May 2051$90,270
Assumption + second · ends May 2051, second Dec 2056$608,209
New conventional · ends Dec 2056$829,776