Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,182/mo
Lowest payment- Down payment
- $214,223
- Funds due
- $228,034
- Interest + MI left
- $193,514
- First ends
- Apr 2052
Assumption
Assumption + second
$3,312/mo
+$1,130/mo- Down payment
- $60,223
- Funds due
- $75,352
- Interest + MI left
- $446,313
- First ends
- Apr 2052
New loan
New conventional
$4,123/mo
+$1,942/mo- Down payment
- $60,223
- Funds due
- $70,861
- Interest + MI left
- $816,940
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,677 | $384,677 | $538,677 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,895.71 | $1,895.71 | $3,729.69 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $107.74 |
| Taxes, insurance & HOA | $285.83 | $285.83 | $285.83 |
| Total housing payment | $2,181.54 | $3,311.54 | $4,123.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,223
Closing costs & prepaids$15,128
Usable credit−$0
Total buyer cash needed$75,352
Earnest money paid−$0
Remaining funds due$75,352
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,989.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,923.38
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)$357.50
Prepaid interest, first (2 days)$72.72
Prepaid interest, second (2 days)$67.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 3.450%
Interest already paid$64,140Through Nov 2026
Assumption only · ends Apr 2052$193,514
Assumption + second · ends Apr 2052, second Dec 2056$446,313
New conventional · ends Dec 2056$816,940