Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,646/mo
Lowest payment- Down payment
- $145,580
- Funds due
- $160,639
- Interest + MI left
- $205,034
- First ends
- Feb 2052
Assumption
Assumption + second
$3,322/mo
+$676/mo- Down payment
- $61,580
- Funds due
- $78,075
- Interest + MI left
- $364,352
- First ends
- Feb 2052
New loan
New conventional
$4,272/mo
+$1,626/mo- Down payment
- $61,580
- Funds due
- $73,507
- Interest + MI left
- $809,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $469,420 | $469,420 | $553,420 |
| Second mortgage | — | $84,000 | — |
| First P&I | $2,233.29 | $2,233.29 | $3,749.06 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $110.68 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $2,645.96 | $3,321.84 | $4,272.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,580
Closing costs & prepaids$16,495
Usable credit−$0
Total buyer cash needed$78,075
Earnest money paid−$0
Remaining funds due$78,075
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%)$2,347.10
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)$738.00
Prepaid interest, first (9 days)$355.34
Prepaid interest, second (9 days)$186.41
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$73,951Through Dec 2026
Assumption only · ends Feb 2052$205,034
Assumption + second · ends Feb 2052, second Jan 2057$364,352
New conventional · ends Jan 2057$809,192