Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,191/mo
Lowest payment- Down payment
- $230,272
- Funds due
- $248,569
- Interest + MI left
- $231,849
- First ends
- Feb 2052
Assumption
Assumption + second
$4,292/mo
+$1,101/mo- Down payment
- $80,272
- Funds due
- $100,016
- Interest + MI left
- $478,082
- First ends
- Feb 2052
New loan
New conventional
$5,556/mo
+$2,365/mo- Down payment
- $80,272
- Funds due
- $94,704
- Interest + MI left
- $1,052,361
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $569,728 | $569,728 | $719,728 |
| Second mortgage | — | $150,000 | — |
| First P&I | $2,654.23 | $2,654.23 | $4,875.69 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $143.95 |
| Taxes, insurance & HOA | $536.67 | $536.67 | $536.67 |
| Total housing payment | $3,190.90 | $4,291.54 | $5,556.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,272
Closing costs & prepaids$19,744
Usable credit−$0
Total buyer cash needed$100,016
Earnest money paid−$0
Remaining funds due$100,016
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,848.64
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)$960.00
Prepaid interest, first (6 days)$269.72
Prepaid interest, second (6 days)$197.26
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 2.88%
Interest already paid$84,346Through Dec 2026
Assumption only · ends Feb 2052$231,849
Assumption + second · ends Feb 2052, second Jan 2057$478,082
New conventional · ends Jan 2057$1,052,361