Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,214/mo
Lowest payment- Down payment
- $338,868
- Funds due
- $351,075
- Interest + MI left
- $77,204
- First ends
- Jan 2052
Assumption
Assumption + second
$3,270/mo
+$2,056/mo- Down payment
- $51,868
- Funds due
- $65,690
- Interest + MI left
- $530,401
- First ends
- Jan 2052
New loan
New conventional
$3,603/mo
+$2,388/mo- Down payment
- $51,868
- Funds due
- $62,339
- Interest + MI left
- $677,176
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,132 | $176,132 | $463,132 |
| Second mortgage | — | $287,000 | — |
| First P&I | $841.65 | $841.65 | $3,137.42 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | — | — | $92.63 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $1,214.31 | $3,270.42 | $3,602.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,868
Closing costs & prepaids$13,822
Usable credit−$0
Total buyer cash needed$65,690
Earnest money paid−$0
Remaining funds due$65,690
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$880.66
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)$618.00
Prepaid interest, first (6 days)$89.47
Prepaid interest, second (6 days)$365.63
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 3.09%
Interest already paid$28,439Through Dec 2026
Assumption only · ends Jan 2052$77,204
Assumption + second · ends Jan 2052, second Jan 2057$530,401
New conventional · ends Jan 2057$677,176