Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$722/mo
Lowest payment- Down payment
- $320,269
- Funds due
- $330,500
- Interest + MI left
- $32,080
- First ends
- Dec 2051
Assumption
Assumption + second
$2,728/mo
+$2,006/mo- Down payment
- $40,269
- Funds due
- $51,869
- Interest + MI left
- $474,224
- First ends
- Dec 2051
New loan
New conventional
$2,913/mo
+$2,191/mo- Down payment
- $40,269
- Funds due
- $49,038
- Interest + MI left
- $545,556
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,731 | $79,731 | $359,731 |
| Second mortgage | — | $280,000 | — |
| First P&I | $371.46 | $371.46 | $2,490.70 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $71.95 |
| Taxes, insurance & HOA | $350.42 | $350.42 | $350.42 |
| Total housing payment | $721.88 | $2,727.84 | $2,913.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,269
Closing costs & prepaids$11,599
Usable credit−$0
Total buyer cash needed$51,869
Earnest money paid−$0
Remaining funds due$51,869
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$398.65
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$415.25
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$12.49
Prepaid interest, second (2 days)$118.90
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 closing25 yr 1 moOf the original 30-year loan at 2.860%
Interest already paid$11,941Through Nov 2026
Assumption only · ends Dec 2051$32,080
Assumption + second · ends Dec 2051, second Dec 2056$474,224
New conventional · ends Dec 2056$545,556