Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,340/mo
Lowest payment- Down payment
- $321,014
- Funds due
- $340,502
- Interest + MI left
- $255,637
- First ends
- Feb 2052
Assumption
Assumption + second
$4,995/mo
+$1,655/mo- Down payment
- $90,014
- Funds due
- $111,047
- Interest + MI left
- $620,405
- First ends
- Feb 2052
New loan
New conventional
$6,226/mo
+$2,885/mo- Down payment
- $90,014
- Funds due
- $105,575
- Interest + MI left
- $1,184,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $578,986 | $578,986 | $809,986 |
| Second mortgage | — | $231,000 | — |
| First P&I | $2,763.65 | $2,763.65 | $5,487.13 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | — | — | $162.00 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $3,340.32 | $4,995.23 | $6,225.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,014
Closing costs & prepaids$21,032
Usable credit−$0
Total buyer cash needed$111,047
Earnest money paid−$0
Remaining funds due$111,047
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,894.93
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)$1,080.00
Prepaid interest, first (6 days)$295.04
Prepaid interest, second (6 days)$294.29
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 3.1%
Interest already paid$92,077Through Dec 2026
Assumption only · ends Feb 2052$255,637
Assumption + second · ends Feb 2052, second Jan 2057$620,405
New conventional · ends Jan 2057$1,184,333