Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,702/mo
Lowest payment- Down payment
- $189,329
- Funds due
- $201,756
- Interest + MI left
- $120,726
- First ends
- Feb 2052
Assumption
Assumption + second
$2,737/mo
+$1,035/mo- Down payment
- $48,329
- Funds due
- $62,284
- Interest + MI left
- $352,185
- First ends
- Feb 2052
New loan
New conventional
$3,332/mo
+$1,630/mo- Down payment
- $48,329
- Funds due
- $58,596
- Interest + MI left
- $623,778
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,671 | $285,671 | $426,671 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,345.68 | $1,345.68 | $2,890.42 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | — | — | $85.33 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,702.35 | $2,736.96 | $3,332.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,329
Closing costs & prepaids$13,954
Usable credit−$0
Total buyer cash needed$62,284
Earnest money paid−$0
Remaining funds due$62,284
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,428.35
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)$570.00
Prepaid interest, first (9 days)$209.91
Prepaid interest, second (9 days)$278.14
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 2.98%
Interest already paid$43,720Through Dec 2026
Assumption only · ends Feb 2052$120,726
Assumption + second · ends Feb 2052, second Jan 2057$352,185
New conventional · ends Jan 2057$623,778