Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,863/mo
Lowest payment- Down payment
- $287,170
- Funds due
- $304,915
- Interest + MI left
- $210,891
- First ends
- Feb 2052
Assumption
Assumption + second
$4,367/mo
+$1,504/mo- Down payment
- $77,170
- Funds due
- $96,566
- Interest + MI left
- $542,499
- First ends
- Feb 2052
New loan
New conventional
$5,398/mo
+$2,535/mo- Down payment
- $77,170
- Funds due
- $91,797
- Interest + MI left
- $1,013,032
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $482,830 | $482,830 | $692,830 |
| Second mortgage | — | $210,000 | — |
| First P&I | $2,297.09 | $2,297.09 | $4,693.47 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | — | — | $138.57 |
| Taxes, insurance & HOA | $565.67 | $565.67 | $565.67 |
| Total housing payment | $2,862.76 | $4,367.22 | $5,397.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,170
Closing costs & prepaids$19,396
Usable credit−$0
Total buyer cash needed$96,566
Earnest money paid−$0
Remaining funds due$96,566
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,414.15
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)$924.00
Initial HOA (3 months)$123.00
Prepaid interest, first (9 days)$365.50
Prepaid interest, second (9 days)$401.30
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$76,063Through Dec 2026
Assumption only · ends Feb 2052$210,891
Assumption + second · ends Feb 2052, second Jan 2057$542,499
New conventional · ends Jan 2057$1,013,032