Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,971/mo
Lowest payment- Down payment
- $253,429
- Funds due
- $273,368
- Interest + MI left
- $379,545
- First ends
- Feb 2052
Assumption
Assumption + second
$5,167/mo
+$1,196/mo- Down payment
- $90,429
- Funds due
- $111,832
- Interest + MI left
- $647,118
- First ends
- Feb 2052
New loan
New conventional
$6,216/mo
+$2,245/mo- Down payment
- $90,429
- Funds due
- $105,973
- Interest + MI left
- $1,182,265
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $645,571 | $645,571 | $808,571 |
| Second mortgage | — | $163,000 | — |
| First P&I | $3,394.42 | $3,394.42 | $5,477.54 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $161.71 |
| Taxes, insurance & HOA | $576.25 | $576.25 | $576.25 |
| Total housing payment | $3,970.67 | $5,166.71 | $6,215.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,429
Closing costs & prepaids$21,403
Usable credit−$0
Total buyer cash needed$111,832
Earnest money paid−$0
Remaining funds due$111,832
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,227.85
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)$1,078.75
Prepaid interest, first (6 days)$424.49
Prepaid interest, second (6 days)$214.36
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 4%
Interest already paid$131,448Through Dec 2026
Assumption only · ends Feb 2052$379,545
Assumption + second · ends Feb 2052, second Jan 2057$647,118
New conventional · ends Jan 2057$1,182,265