Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,967/mo
Lowest payment- Down payment
- $190,678
- Funds due
- $203,867
- Interest + MI left
- $146,026
- First ends
- Feb 2052
Assumption
Assumption + second
$2,980/mo
+$1,013/mo- Down payment
- $52,678
- Funds due
- $67,298
- Interest + MI left
- $372,560
- First ends
- Feb 2052
New loan
New conventional
$3,671/mo
+$1,704/mo- Down payment
- $52,678
- Funds due
- $63,264
- Interest + MI left
- $690,613
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,322 | $334,322 | $472,322 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,590.55 | $1,590.55 | $3,199.67 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $94.46 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,967.22 | $2,979.82 | $3,670.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,678
Closing costs & prepaids$14,620
Usable credit−$0
Total buyer cash needed$67,298
Earnest money paid−$0
Remaining funds due$67,298
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,671.61
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)$630.00
Prepaid interest, first (6 days)$168.72
Prepaid interest, second (6 days)$181.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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$52,668Through Dec 2026
Assumption only · ends Feb 2052$146,026
Assumption + second · ends Feb 2052, second Jan 2057$372,560
New conventional · ends Jan 2057$690,613