Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,526/mo
Lowest payment- Down payment
- $435,738
- Funds due
- $453,857
- Interest + MI left
- $180,844
- First ends
- Feb 2052
Assumption
Assumption + second
$5,034/mo
+$2,507/mo- Down payment
- $85,738
- Funds due
- $105,776
- Interest + MI left
- $733,523
- First ends
- Feb 2052
New loan
New conventional
$5,885/mo
+$3,359/mo- Down payment
- $85,738
- Funds due
- $101,176
- Interest + MI left
- $1,117,148
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $414,037 | $414,037 | $764,037 |
| Second mortgage | — | $350,000 | — |
| First P&I | $1,969.80 | $1,969.80 | $5,175.85 |
| Second P&I | — | $2,507.44 | — |
| Mortgage insurance | — | — | $152.81 |
| Taxes, insurance & HOA | $556.58 | $556.58 | $556.58 |
| Total housing payment | $2,526.39 | $5,033.83 | $5,885.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,738
Closing costs & prepaids$20,038
Usable credit−$0
Total buyer cash needed$105,776
Earnest money paid−$0
Remaining funds due$105,776
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,497.75
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,070.19
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,019.75
Prepaid interest, first (9 days)$313.42
Prepaid interest, second (9 days)$668.84
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 2 moOf the original 30-year loan at 3.07%
Interest already paid$65,226Through Dec 2026
Assumption only · ends Feb 2052$180,844
Assumption + second · ends Feb 2052, second Jan 2057$733,523
New conventional · ends Jan 2057$1,117,148