Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,609/mo
Lowest payment- Down payment
- $147,138
- Funds due
- $165,842
- Interest + MI left
- $294,828
- First ends
- Mar 2052
Assumption
Assumption + second
$4,156/mo
+$547/mo- Down payment
- $79,138
- Funds due
- $99,243
- Interest + MI left
- $423,799
- First ends
- Mar 2052
New loan
New conventional
$5,453/mo
+$1,844/mo- Down payment
- $79,138
- Funds due
- $93,812
- Interest + MI left
- $1,031,941
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $637,762 | $637,762 | $705,762 |
| Second mortgage | — | $68,000 | — |
| First P&I | $3,077.85 | $3,077.85 | $4,781.08 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $141.15 |
| Taxes, insurance & HOA | $530.67 | $530.67 | $530.67 |
| Total housing payment | $3,608.52 | $4,155.66 | $5,452.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,138
Closing costs & prepaids$20,105
Usable credit−$0
Total buyer cash needed$99,243
Earnest money paid−$0
Remaining funds due$99,243
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,188.81
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)$942.00
Prepaid interest, first (9 days)$506.37
Prepaid interest, second (9 days)$150.90
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 3.22%
Interest already paid$103,300Through Dec 2026
Assumption only · ends Mar 2052$294,828
Assumption + second · ends Mar 2052, second Jan 2057$423,799
New conventional · ends Jan 2057$1,031,941