Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,186/mo
Lowest payment- Down payment
- $122,893
- Funds due
- $139,372
- Interest + MI left
- $244,806
- First ends
- Dec 2051
Assumption
Assumption + second
$3,605/mo
+$418/mo- Down payment
- $70,893
- Funds due
- $88,699
- Interest + MI left
- $343,431
- First ends
- Dec 2051
New loan
New conventional
$4,834/mo
+$1,648/mo- Down payment
- $70,893
- Funds due
- $83,442
- Interest + MI left
- $919,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $577,107 | $577,107 | $629,107 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,739.71 | $2,739.71 | $4,261.79 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $125.82 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $3,186.38 | $3,604.78 | $4,834.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,893
Closing costs & prepaids$17,806
Usable credit−$0
Total buyer cash needed$88,699
Earnest money paid−$0
Remaining funds due$88,699
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,885.54
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$840.00
Prepaid interest, first (6 days)$285.55
Prepaid interest, second (6 days)$76.93
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 yrOf the original 30-year loan at 3.01%
Interest already paid$92,490Through Dec 2026
Assumption only · ends Dec 2051$244,806
Assumption + second · ends Dec 2051, second Jan 2057$343,431
New conventional · ends Jan 2057$919,858