Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,200/mo
Lowest payment- Down payment
- $278,039
- Funds due
- $292,927
- Interest + MI left
- $161,827
- First ends
- Jan 2052
Assumption
Assumption + second
$3,726/mo
+$1,526/mo- Down payment
- $65,039
- Funds due
- $81,584
- Interest + MI left
- $498,172
- First ends
- Jan 2052
New loan
New conventional
$4,506/mo
+$2,306/mo- Down payment
- $65,039
- Funds due
- $77,378
- Interest + MI left
- $855,164
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,861 | $371,861 | $584,861 |
| Second mortgage | — | $213,000 | — |
| First P&I | $1,773.05 | $1,773.05 | $3,962.05 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | — | — | $116.97 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $2,199.72 | $3,725.67 | $4,505.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,039
Closing costs & prepaids$16,545
Usable credit−$0
Total buyer cash needed$81,584
Earnest money paid−$0
Remaining funds due$81,584
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,859.31
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)$780.00
Prepaid interest, first (9 days)$281.49
Prepaid interest, second (9 days)$407.03
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$59,664Through Dec 2026
Assumption only · ends Jan 2052$161,827
Assumption + second · ends Jan 2052, second Jan 2057$498,172
New conventional · ends Jan 2057$855,164