Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$949/mo
Lowest payment- Down payment
- $402,330
- Funds due
- $414,303
- Interest + MI left
- $44,661
- First ends
- May 2051
Assumption
Assumption + second
$3,463/mo
+$2,515/mo- Down payment
- $51,330
- Funds due
- $65,224
- Interest + MI left
- $598,920
- First ends
- May 2051
New loan
New conventional
$3,628/mo
+$2,679/mo- Down payment
- $51,330
- Funds due
- $62,190
- Interest + MI left
- $670,651
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,670 | $107,670 | $458,670 |
| Second mortgage | — | $351,000 | — |
| First P&I | $519.90 | $519.90 | $3,107.19 |
| Second P&I | — | $2,514.61 | — |
| Mortgage insurance | — | — | $91.73 |
| Taxes, insurance & HOA | $428.84 | $428.84 | $428.84 |
| Total housing payment | $948.74 | $3,463.34 | $3,627.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,330
Closing costs & prepaids$13,894
Usable credit−$0
Total buyer cash needed$65,224
Earnest money paid−$0
Remaining funds due$65,224
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%)$538.35
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)$612.00
Initial HOA (3 months)$174.51
Prepaid interest, first (9 days)$80.18
Prepaid interest, second (9 days)$670.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 3.02%
Interest already paid$19,503Through Dec 2026
Assumption only · ends May 2051$44,661
Assumption + second · ends May 2051, second Jan 2057$598,920
New conventional · ends Jan 2057$670,651