Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,623/mo
Lowest payment- Down payment
- $249,489
- Funds due
- $265,034
- Interest + MI left
- $134,073
- First ends
- May 2051
Assumption
Assumption + second
$4,032/mo
+$1,409/mo- Down payment
- $57,489
- Funds due
- $74,369
- Interest + MI left
- $449,251
- First ends
- May 2051
New loan
New conventional
$4,721/mo
+$2,097/mo- Down payment
- $57,489
- Funds due
- $70,228
- Interest + MI left
- $774,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,506 | $318,506 | $510,506 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,539.38 | $1,539.38 | $3,534.64 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $102.10 |
| Taxes, insurance & HOA | $1,084.00 | $1,084.00 | $1,084.00 |
| Total housing payment | $2,623.38 | $4,032.21 | $4,720.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,489
Closing costs & prepaids$16,880
Usable credit−$0
Total buyer cash needed$74,369
Earnest money paid−$0
Remaining funds due$74,369
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,679.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,592.53
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)$1,420.00
Initial HOA (3 months)$1,332.00
Prepaid interest, first (2 days)$53.23
Prepaid interest, second (2 days)$84.16
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 3.050%
Interest already paid$57,305Through Nov 2026
Assumption only · ends May 2051$134,073
Assumption + second · ends May 2051, second Dec 2056$449,251
New conventional · ends Dec 2056$774,115