Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,379/mo
Lowest payment- Down payment
- $129,486
- Funds due
- $147,489
- Interest + MI left
- $241,022
- First ends
- Jan 2052
Assumption
Assumption + second
$3,813/mo
+$434/mo- Down payment
- $75,486
- Funds due
- $94,819
- Interest + MI left
- $343,440
- First ends
- Jan 2052
New loan
New conventional
$5,221/mo
+$1,842/mo- Down payment
- $75,486
- Funds due
- $89,352
- Interest + MI left
- $986,251
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $620,514 | $620,514 | $674,514 |
| Second mortgage | — | $54,000 | — |
| First P&I | $2,862.24 | $2,862.24 | $4,569.39 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $134.90 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $3,378.91 | $3,813.41 | $5,220.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,486
Closing costs & prepaids$19,333
Usable credit−$0
Total buyer cash needed$94,819
Earnest money paid−$0
Remaining funds due$94,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,102.57
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)$900.00
Prepaid interest, first (6 days)$282.55
Prepaid interest, second (6 days)$79.89
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 1 moOf the original 30-year loan at 2.77%
Interest already paid$90,086Through Dec 2026
Assumption only · ends Jan 2052$241,022
Assumption + second · ends Jan 2052, second Jan 2057$343,440
New conventional · ends Jan 2057$986,251