Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,774/mo
Lowest payment- Down payment
- $281,779
- Funds due
- $302,052
- Interest + MI left
- $331,364
- First ends
- Apr 2052
Assumption
Assumption + second
$5,161/mo
+$1,387/mo- Down payment
- $92,779
- Funds due
- $114,675
- Interest + MI left
- $641,617
- First ends
- Apr 2052
New loan
New conventional
$6,354/mo
+$2,580/mo- Down payment
- $92,779
- Funds due
- $109,045
- Interest + MI left
- $1,209,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $638,221 | $638,221 | $827,221 |
| Second mortgage | — | $189,000 | — |
| First P&I | $3,189.42 | $3,189.42 | $5,603.88 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | — | — | $165.44 |
| Taxes, insurance & HOA | $584.67 | $584.67 | $584.67 |
| Total housing payment | $3,774.09 | $5,160.91 | $6,353.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$92,779
Closing costs & prepaids$21,896
Usable credit−$0
Total buyer cash needed$114,675
Earnest money paid−$0
Remaining funds due$114,675
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,191.11
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)$1,104.00
Prepaid interest, first (9 days)$560.24
Prepaid interest, second (9 days)$372.82
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 3.56%
Interest already paid$111,829Through Dec 2026
Assumption only · ends Apr 2052$331,364
Assumption + second · ends Apr 2052, second Jan 2057$641,617
New conventional · ends Jan 2057$1,209,534