Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,915/mo
Lowest payment- Down payment
- $247,231
- Funds due
- $264,889
- Interest + MI left
- $207,909
- First ends
- Jan 2052
Assumption
Assumption + second
$4,170/mo
+$1,255/mo- Down payment
- $76,231
- Funds due
- $95,476
- Interest + MI left
- $488,614
- First ends
- Jan 2052
New loan
New conventional
$5,290/mo
+$2,375/mo- Down payment
- $76,231
- Funds due
- $90,616
- Interest + MI left
- $999,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $512,768 | $512,768 | $683,768 |
| Second mortgage | — | $171,000 | — |
| First P&I | $2,394.28 | $2,394.28 | $4,632.08 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $136.75 |
| Taxes, insurance & HOA | $520.67 | $520.67 | $520.67 |
| Total housing payment | $2,914.94 | $4,169.68 | $5,289.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,231
Closing costs & prepaids$19,245
Usable credit−$0
Total buyer cash needed$95,476
Earnest money paid−$0
Remaining funds due$95,476
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,599.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,563.84
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)$912.00
Prepaid interest, first (9 days)$364.14
Prepaid interest, second (9 days)$337.32
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 1 moOf the original 30-year loan at 2.88%
Interest already paid$77,319Through Dec 2026
Assumption only · ends Jan 2052$207,909
Assumption + second · ends Jan 2052, second Jan 2057$488,614
New conventional · ends Jan 2057$999,782