Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,150/mo
Lowest payment- Down payment
- $319,235
- Funds due
- $341,363
- Interest + MI left
- $312,181
- First ends
- Mar 2052
Assumption
Assumption + second
$5,662/mo
+$1,512/mo- Down payment
- $108,235
- Funds due
- $131,703
- Interest + MI left
- $645,368
- First ends
- Mar 2052
New loan
New conventional
$7,524/mo
+$3,374/mo- Down payment
- $108,235
- Funds due
- $124,981
- Interest + MI left
- $1,466,164
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $755,765 | $755,765 | $966,765 |
| Second mortgage | — | $211,000 | — |
| First P&I | $3,512.98 | $3,512.98 | $6,693.69 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | — | — | $193.35 |
| Taxes, insurance & HOA | $637.00 | $637.00 | $637.00 |
| Total housing payment | $4,149.98 | $5,661.61 | $7,524.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,235
Closing costs & prepaids$23,468
Usable credit−$0
Total buyer cash needed$131,703
Earnest money paid−$0
Remaining funds due$131,703
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,778.82
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)$1,261.00
Prepaid interest, first (2 days)$120.09
Prepaid interest, second (2 days)$89.60
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 4 moOf the original 30-year loan at 2.900%
Interest already paid$108,492Through Nov 2026
Assumption only · ends Mar 2052$312,181
Assumption + second · ends Mar 2052, second Dec 2056$645,368
New conventional · ends Dec 2056$1,466,164