Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,862/mo
Lowest payment- Down payment
- $212,148
- Funds due
- $225,298
- Interest + MI left
- $137,149
- First ends
- Mar 2052
Assumption
Assumption + second
$3,029/mo
+$1,167/mo- Down payment
- $53,148
- Funds due
- $67,861
- Interest + MI left
- $398,156
- First ends
- Mar 2052
New loan
New conventional
$3,668/mo
+$1,806/mo- Down payment
- $53,148
- Funds due
- $64,007
- Interest + MI left
- $689,926
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,852 | $312,852 | $471,852 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,485.15 | $1,485.15 | $3,196.49 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $94.37 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,861.82 | $3,028.50 | $3,667.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,148
Closing costs & prepaids$14,713
Usable credit−$0
Total buyer cash needed$67,861
Earnest money paid−$0
Remaining funds due$67,861
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,564.26
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)$630.00
Prepaid interest, first (9 days)$236.82
Prepaid interest, second (9 days)$313.64
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 closing25 yr 3 moOf the original 30-year loan at 3.07%
Interest already paid$48,377Through Dec 2026
Assumption only · ends Mar 2052$137,149
Assumption + second · ends Mar 2052, second Jan 2057$398,156
New conventional · ends Jan 2057$689,926