Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,129/mo
Lowest payment- Down payment
- $263,221
- Funds due
- $274,166
- Interest + MI left
- $81,881
- First ends
- Feb 2052
Assumption
Assumption + second
$2,691/mo
+$1,562/mo- Down payment
- $45,221
- Funds due
- $57,462
- Interest + MI left
- $426,121
- First ends
- Feb 2052
New loan
New conventional
$3,126/mo
+$1,997/mo- Down payment
- $45,221
- Funds due
- $54,053
- Interest + MI left
- $613,875
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,779 | $186,779 | $404,779 |
| Second mortgage | — | $218,000 | — |
| First P&I | $886.67 | $886.67 | $2,802.61 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $80.96 |
| Taxes, insurance & HOA | $242.42 | $242.42 | $242.42 |
| Total housing payment | $1,129.08 | $2,690.86 | $3,125.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,221
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$57,462
Earnest money paid−$0
Remaining funds due$57,462
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$933.90
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$277.25
Prepaid interest, first (1 days)$15.71
Prepaid interest, second (1 days)$46.29
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 3.070%
Interest already paid$28,882Through Nov 2026
Assumption only · ends Feb 2052$81,881
Assumption + second · ends Feb 2052, second Dec 2056$426,121
New conventional · ends Dec 2056$613,875