Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,033/mo
Lowest payment- Down payment
- $402,082
- Funds due
- $414,246
- Interest + MI left
- $44,933
- First ends
- May 2051
Assumption
Assumption + second
$3,547/mo
+$2,515/mo- Down payment
- $51,082
- Funds due
- $64,645
- Interest + MI left
- $599,191
- First ends
- May 2051
New loan
New conventional
$3,782/mo
+$2,749/mo- Down payment
- $51,082
- Funds due
- $61,571
- Interest + MI left
- $695,980
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,918 | $107,918 | $458,918 |
| Second mortgage | — | $351,000 | — |
| First P&I | $519.90 | $519.90 | $3,177.46 |
| Second P&I | — | $2,514.61 | — |
| Mortgage insurance | — | — | $91.78 |
| Taxes, insurance & HOA | $512.75 | $512.75 | $512.75 |
| Total housing payment | $1,032.65 | $3,547.26 | $3,781.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,082
Closing costs & prepaids$13,563
Usable credit−$0
Total buyer cash needed$64,645
Earnest money paid−$0
Remaining funds due$64,645
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$539.59
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)$863.75
Initial HOA (3 months)$174.51
Prepaid interest, first (2 days)$17.86
Prepaid interest, second (2 days)$149.05
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 3.020%
Interest already paid$19,231Through Nov 2026
Assumption only · ends May 2051$44,933
Assumption + second · ends May 2051, second Dec 2056$599,191
New conventional · ends Dec 2056$695,980