Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,105/mo
Lowest payment- Down payment
- $201,980
- Funds due
- $215,544
- Interest + MI left
- $174,381
- First ends
- Apr 2052
Assumption
Assumption + second
$3,176/mo
+$1,071/mo- Down payment
- $55,980
- Funds due
- $70,986
- Interest + MI left
- $414,047
- First ends
- Apr 2052
New loan
New conventional
$3,831/mo
+$1,727/mo- Down payment
- $55,980
- Funds due
- $66,837
- Interest + MI left
- $722,094
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,920 | $347,920 | $493,920 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,718.09 | $1,718.09 | $3,345.99 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | — | — | $98.78 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,104.76 | $3,176.06 | $3,831.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,980
Closing costs & prepaids$15,006
Usable credit−$0
Total buyer cash needed$70,986
Earnest money paid−$0
Remaining funds due$70,986
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,739.60
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)$660.00
Prepaid interest, first (6 days)$197.31
Prepaid interest, second (6 days)$192.00
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$59,133Through Dec 2026
Assumption only · ends Apr 2052$174,381
Assumption + second · ends Apr 2052, second Jan 2057$414,047
New conventional · ends Jan 2057$722,094