Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,280/mo
Lowest payment- Down payment
- $217,779
- Funds due
- $228,866
- Interest + MI left
- $89,292
- First ends
- Mar 2052
Assumption
Assumption + second
$2,564/mo
+$1,284/mo- Down payment
- $42,779
- Funds due
- $55,461
- Interest + MI left
- $376,564
- First ends
- Mar 2052
New loan
New conventional
$2,949/mo
+$1,669/mo- Down payment
- $42,779
- Funds due
- $52,148
- Interest + MI left
- $551,484
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,221 | $202,221 | $377,221 |
| Second mortgage | — | $175,000 | — |
| First P&I | $962.09 | $962.09 | $2,555.43 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $75.44 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,280.09 | $2,564.18 | $2,948.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,779
Closing costs & prepaids$12,682
Usable credit−$0
Total buyer cash needed$55,461
Earnest money paid−$0
Remaining funds due$55,461
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,011.10
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$504.00
Prepaid interest, first (9 days)$154.08
Prepaid interest, second (9 days)$345.21
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 3 moOf the original 30-year loan at 3.09%
Interest already paid$31,468Through Dec 2026
Assumption only · ends Mar 2052$89,292
Assumption + second · ends Mar 2052, second Jan 2057$376,564
New conventional · ends Jan 2057$551,484