Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,814/mo
Lowest payment- Down payment
- $229,081
- Funds due
- $246,104
- Interest + MI left
- $212,241
- First ends
- Feb 2052
Assumption
Assumption + second
$3,966/mo
+$1,152/mo- Down payment
- $72,081
- Funds due
- $90,664
- Interest + MI left
- $469,964
- First ends
- Feb 2052
New loan
New conventional
$4,987/mo
+$2,172/mo- Down payment
- $72,081
- Funds due
- $85,931
- Interest + MI left
- $940,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $485,919 | $485,919 | $642,919 |
| Second mortgage | — | $157,000 | — |
| First P&I | $2,311.79 | $2,311.79 | $4,355.36 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $128.58 |
| Taxes, insurance & HOA | $502.67 | $502.67 | $502.67 |
| Total housing payment | $2,814.45 | $3,966.46 | $4,986.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,081
Closing costs & prepaids$18,583
Usable credit−$0
Total buyer cash needed$90,664
Earnest money paid−$0
Remaining funds due$90,664
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,429.60
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)$858.00
Prepaid interest, first (9 days)$367.83
Prepaid interest, second (9 days)$309.70
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 3.07%
Interest already paid$76,550Through Dec 2026
Assumption only · ends Feb 2052$212,241
Assumption + second · ends Feb 2052, second Jan 2057$469,964
New conventional · ends Jan 2057$940,054