Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,168/mo
Lowest payment- Down payment
- $264,363
- Funds due
- $282,814
- Interest + MI left
- $253,166
- First ends
- Apr 2052
Assumption
Assumption + second
$4,511/mo
+$1,343/mo- Down payment
- $81,363
- Funds due
- $101,425
- Interest + MI left
- $553,570
- First ends
- Apr 2052
New loan
New conventional
$5,622/mo
+$2,454/mo- Down payment
- $81,363
- Funds due
- $96,336
- Interest + MI left
- $1,065,388
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $545,637 | $545,637 | $728,637 |
| Second mortgage | — | $183,000 | — |
| First P&I | $2,627.64 | $2,627.64 | $4,936.04 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $145.73 |
| Taxes, insurance & HOA | $540.67 | $540.67 | $540.67 |
| Total housing payment | $3,168.31 | $4,511.10 | $5,622.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,363
Closing costs & prepaids$20,062
Usable credit−$0
Total buyer cash needed$101,425
Earnest money paid−$0
Remaining funds due$101,425
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,728.19
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)$972.00
Prepaid interest, first (9 days)$433.22
Prepaid interest, second (9 days)$360.99
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 4 moOf the original 30-year loan at 3.22%
Interest already paid$86,725Through Dec 2026
Assumption only · ends Apr 2052$253,166
Assumption + second · ends Apr 2052, second Jan 2057$553,570
New conventional · ends Jan 2057$1,065,388