Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,762/mo
Lowest payment- Down payment
- $254,836
- Funds due
- $272,011
- Interest + MI left
- $218,891
- First ends
- Jan 2053
Assumption
Assumption + second
$4,083/mo
+$1,321/mo- Down payment
- $74,836
- Funds due
- $93,498
- Interest + MI left
- $514,370
- First ends
- Jan 2053
New loan
New conventional
$5,152/mo
+$2,390/mo- Down payment
- $74,836
- Funds due
- $88,586
- Interest + MI left
- $972,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $485,164 | $485,164 | $665,164 |
| Second mortgage | — | $180,000 | — |
| First P&I | $2,249.38 | $2,249.38 | $4,506.05 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $133.03 |
| Taxes, insurance & HOA | $512.67 | $512.67 | $512.67 |
| Total housing payment | $2,762.04 | $4,082.82 | $5,151.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,836
Closing costs & prepaids$18,662
Usable credit−$0
Total buyer cash needed$93,498
Earnest money paid−$0
Remaining funds due$93,498
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,425.82
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)$888.00
Prepaid interest, first (6 days)$243.25
Prepaid interest, second (6 days)$236.71
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 closing26 yr 1 moOf the original 31-year loan at 3.05%
Interest already paid$77,099Through Dec 2026
Assumption only · ends Jan 2053$218,891
Assumption + second · ends Jan 2053, second Jan 2057$514,370
New conventional · ends Jan 2057$972,580