Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
Lowest payment- Down payment
- $212,435
- Funds due
- $226,820
- Interest + MI left
- $172,120
- First ends
- Aug 2052
Assumption
Assumption + second
$3,332/mo
+$1,115/mo- Down payment
- $60,435
- Funds due
- $76,370
- Interest + MI left
- $421,636
- First ends
- Aug 2052
New loan
New conventional
$4,155/mo
+$1,938/mo- Down payment
- $60,435
- Funds due
- $72,155
- Interest + MI left
- $786,009
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,565 | $385,565 | $537,565 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,810.67 | $1,810.67 | $3,641.65 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | — | — | $107.51 |
| Taxes, insurance & HOA | $405.83 | $405.83 | $405.83 |
| Total housing payment | $2,216.50 | $3,331.82 | $4,155.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,435
Closing costs & prepaids$15,935
Usable credit−$0
Total buyer cash needed$76,370
Earnest money paid−$0
Remaining funds due$76,370
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,927.82
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)$717.50
Prepaid interest, first (9 days)$291.87
Prepaid interest, second (9 days)$299.84
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 8 moOf the original 30-year loan at 3.07%
Interest already paid$54,070Through Dec 2026
Assumption only · ends Aug 2052$172,120
Assumption + second · ends Aug 2052, second Jan 2057$421,636
New conventional · ends Jan 2057$786,009