Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,599/mo
Lowest payment- Down payment
- $144,551
- Funds due
- $159,198
- Interest + MI left
- $206,238
- First ends
- Feb 2052
Assumption
Assumption + second
$3,267/mo
+$668/mo- Down payment
- $61,551
- Funds due
- $77,489
- Interest + MI left
- $363,659
- First ends
- Feb 2052
New loan
New conventional
$4,309/mo
+$1,709/mo- Down payment
- $61,551
- Funds due
- $72,583
- Interest + MI left
- $839,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,449 | $470,449 | $553,449 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,233.29 | $2,233.29 | $3,831.97 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $110.69 |
| Taxes, insurance & HOA | $365.92 | $365.92 | $365.92 |
| Total housing payment | $2,599.21 | $3,267.04 | $4,308.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,551
Closing costs & prepaids$15,938
Usable credit−$0
Total buyer cash needed$77,489
Earnest money paid−$0
Remaining funds due$77,489
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,352.25
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)$597.75
Prepaid interest, first (2 days)$79.14
Prepaid interest, second (2 days)$40.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 3.070%
Interest already paid$72,747Through Nov 2026
Assumption only · ends Feb 2052$206,238
Assumption + second · ends Feb 2052, second Dec 2056$363,659
New conventional · ends Dec 2056$839,343