Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
Lowest payment- Down payment
- $223,218
- Funds due
- $237,432
- Interest + MI left
- $165,034
- First ends
- Feb 2052
Assumption
Assumption + second
$3,386/mo
+$1,196/mo- Down payment
- $60,218
- Funds due
- $75,896
- Interest + MI left
- $432,607
- First ends
- Feb 2052
New loan
New conventional
$4,149/mo
+$1,960/mo- Down payment
- $60,218
- Funds due
- $71,611
- Interest + MI left
- $784,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,782 | $373,782 | $536,782 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,784.16 | $1,784.16 | $3,636.35 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $107.36 |
| Taxes, insurance & HOA | $405.50 | $405.50 | $405.50 |
| Total housing payment | $2,189.66 | $3,385.70 | $4,149.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,218
Closing costs & prepaids$15,678
Usable credit−$0
Total buyer cash needed$75,896
Earnest money paid−$0
Remaining funds due$75,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,868.91
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)$716.50
Prepaid interest, first (6 days)$190.48
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 3.1%
Interest already paid$59,443Through Dec 2026
Assumption only · ends Feb 2052$165,034
Assumption + second · ends Feb 2052, second Jan 2057$432,607
New conventional · ends Jan 2057$784,864