Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,204/mo
Lowest payment- Down payment
- $147,885
- Funds due
- $161,269
- Interest + MI left
- $177,557
- First ends
- Feb 2052
Assumption
Assumption + second
$2,944/mo
+$740/mo- Down payment
- $55,885
- Funds due
- $70,542
- Interest + MI left
- $352,048
- First ends
- Feb 2052
New loan
New conventional
$3,810/mo
+$1,607/mo- Down payment
- $55,885
- Funds due
- $65,973
- Interest + MI left
- $749,260
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,115 | $402,115 | $494,115 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,913.11 | $1,913.11 | $3,421.15 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $98.82 |
| Taxes, insurance & HOA | $290.42 | $290.42 | $290.42 |
| Total housing payment | $2,203.53 | $2,943.78 | $3,810.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,885
Closing costs & prepaids$14,657
Usable credit−$0
Total buyer cash needed$70,542
Earnest money paid−$0
Remaining funds due$70,542
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,010.57
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)$371.25
Prepaid interest, first (1 days)$34.04
Prepaid interest, second (1 days)$22.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 3.090%
Interest already paid$62,574Through Nov 2026
Assumption only · ends Feb 2052$177,557
Assumption + second · ends Feb 2052, second Dec 2056$352,048
New conventional · ends Dec 2056$749,260