Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
Lowest payment- Down payment
- $240,722
- Funds due
- $256,339
- Interest + MI left
- $193,952
- First ends
- Feb 2052
Assumption
Assumption + second
$3,798/mo
+$1,262/mo- Down payment
- $68,722
- Funds due
- $85,928
- Interest + MI left
- $476,299
- First ends
- Feb 2052
New loan
New conventional
$4,702/mo
+$2,166/mo- Down payment
- $68,722
- Funds due
- $81,408
- Interest + MI left
- $893,790
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,278 | $439,278 | $611,278 |
| Second mortgage | — | $172,000 | — |
| First P&I | $2,096.79 | $2,096.79 | $4,141.01 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $122.26 |
| Taxes, insurance & HOA | $438.67 | $438.67 | $438.67 |
| Total housing payment | $2,535.45 | $3,797.53 | $4,701.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,722
Closing costs & prepaids$17,205
Usable credit−$0
Total buyer cash needed$85,928
Earnest money paid−$0
Remaining funds due$85,928
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,196.39
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)$816.00
Prepaid interest, first (9 days)$335.78
Prepaid interest, second (9 days)$339.29
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 3.1%
Interest already paid$69,859Through Dec 2026
Assumption only · ends Feb 2052$193,952
Assumption + second · ends Feb 2052, second Jan 2057$476,299
New conventional · ends Jan 2057$893,790