Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,302/mo
Lowest payment- Down payment
- $215,013
- Funds due
- $229,435
- Interest + MI left
- $192,408
- First ends
- Apr 2052
Assumption
Assumption + second
$3,439/mo
+$1,137/mo- Down payment
- $60,013
- Funds due
- $75,991
- Interest + MI left
- $446,848
- First ends
- Apr 2052
New loan
New conventional
$4,165/mo
+$1,863/mo- Down payment
- $60,013
- Funds due
- $71,750
- Interest + MI left
- $787,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,887 | $383,887 | $538,887 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,895.71 | $1,895.71 | $3,650.61 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $107.78 |
| Taxes, insurance & HOA | $406.25 | $406.25 | $406.25 |
| Total housing payment | $2,301.96 | $3,439.29 | $4,164.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,013
Closing costs & prepaids$15,978
Usable credit−$0
Total buyer cash needed$75,991
Earnest money paid−$0
Remaining funds due$75,991
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,989.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,919.43
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)$718.75
Prepaid interest, first (9 days)$326.57
Prepaid interest, second (9 days)$305.75
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$65,246Through Dec 2026
Assumption only · ends Apr 2052$192,408
Assumption + second · ends Apr 2052, second Jan 2057$446,848
New conventional · ends Jan 2057$787,942