Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,474/mo
Lowest payment- Down payment
- $101,330
- Funds due
- $119,099
- Interest + MI left
- $269,448
- First ends
- Jan 2052
Assumption
Assumption + second
$3,699/mo
+$225/mo- Down payment
- $73,330
- Funds due
- $92,391
- Interest + MI left
- $322,554
- First ends
- Jan 2052
New loan
New conventional
$5,052/mo
+$1,578/mo- Down payment
- $73,330
- Funds due
- $86,911
- Interest + MI left
- $952,849
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $623,670 | $623,670 | $651,670 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,967.17 | $2,967.17 | $4,414.64 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $130.33 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $3,473.83 | $3,699.13 | $5,051.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,330
Closing costs & prepaids$19,060
Usable credit−$0
Total buyer cash needed$92,391
Earnest money paid−$0
Remaining funds due$92,391
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,118.35
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)$870.00
Prepaid interest, first (6 days)$312.69
Prepaid interest, second (6 days)$41.42
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 1 moOf the original 30-year loan at 3.05%
Interest already paid$99,433Through Dec 2026
Assumption only · ends Jan 2052$269,448
Assumption + second · ends Jan 2052, second Jan 2057$322,554
New conventional · ends Jan 2057$952,849