Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,264/mo
Lowest payment- Down payment
- $379,280
- Funds due
- $396,008
- Interest + MI left
- $156,253
- First ends
- Jan 2052
Assumption
Assumption + second
$4,442/mo
+$2,178/mo- Down payment
- $75,280
- Funds due
- $93,839
- Interest + MI left
- $636,295
- First ends
- Jan 2052
New loan
New conventional
$5,215/mo
+$2,951/mo- Down payment
- $75,280
- Funds due
- $89,534
- Interest + MI left
- $985,090
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,720 | $369,720 | $673,720 |
| Second mortgage | — | $304,000 | — |
| First P&I | $1,747.42 | $1,747.42 | $4,564.01 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | — | — | $134.74 |
| Taxes, insurance & HOA | $516.25 | $516.25 | $516.25 |
| Total housing payment | $2,263.67 | $4,441.56 | $5,215.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,280
Closing costs & prepaids$18,559
Usable credit−$0
Total buyer cash needed$93,839
Earnest money paid−$0
Remaining funds due$93,839
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,848.60
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)$898.75
Prepaid interest, first (9 days)$272.58
Prepaid interest, second (9 days)$580.93
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 2.99%
Interest already paid$57,818Through Dec 2026
Assumption only · ends Jan 2052$156,253
Assumption + second · ends Jan 2052, second Jan 2057$636,295
New conventional · ends Jan 2057$985,090