Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,451/mo
Lowest payment- Down payment
- $331,035
- Funds due
- $347,751
- Interest + MI left
- $183,841
- First ends
- Mar 2052
Assumption
Assumption + second
$4,292/mo
+$1,841/mo- Down payment
- $74,035
- Funds due
- $92,383
- Interest + MI left
- $589,665
- First ends
- Mar 2052
New loan
New conventional
$5,120/mo
+$2,670/mo- Down payment
- $74,035
- Funds due
- $87,862
- Interest + MI left
- $966,440
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,965 | $403,965 | $660,965 |
| Second mortgage | — | $257,000 | — |
| First P&I | $1,939.95 | $1,939.95 | $4,477.61 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | — | — | $132.19 |
| Taxes, insurance & HOA | $510.67 | $510.67 | $510.67 |
| Total housing payment | $2,450.62 | $4,291.80 | $5,120.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,035
Closing costs & prepaids$18,348
Usable credit−$0
Total buyer cash needed$92,383
Earnest money paid−$0
Remaining funds due$92,383
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,019.82
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)$882.00
Prepaid interest, first (7 days)$245.98
Prepaid interest, second (7 days)$381.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.175%
Interest already paid$64,542Through Dec 2026
Assumption only · ends Mar 2052$183,841
Assumption + second · ends Mar 2052, second Jan 2057$589,665
New conventional · ends Jan 2057$966,440