Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,716/mo
Lowest payment- Down payment
- $375,634
- Funds due
- $400,098
- Interest + MI left
- $360,758
- First ends
- Mar 2052
Assumption
Assumption + second
$6,507/mo
+$1,791/mo- Down payment
- $125,634
- Funds due
- $151,401
- Interest + MI left
- $755,530
- First ends
- Mar 2052
New loan
New conventional
$8,659/mo
+$3,943/mo- Down payment
- $125,634
- Funds due
- $143,840
- Interest + MI left
- $1,703,660
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $873,366 | $873,366 | $1,123,366 |
| Second mortgage | — | $250,000 | — |
| First P&I | $4,059.62 | $4,059.62 | $7,777.96 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | — | — | $224.67 |
| Taxes, insurance & HOA | $656.67 | $656.67 | $656.67 |
| Total housing payment | $4,716.29 | $6,507.32 | $8,659.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,634
Closing costs & prepaids$25,767
Usable credit−$0
Total buyer cash needed$151,401
Earnest money paid−$0
Remaining funds due$151,401
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,366.83
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)$1,320.00
Prepaid interest, first (1 days)$69.39
Prepaid interest, second (1 days)$53.08
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 4 moOf the original 30-year loan at 2.900%
Interest already paid$125,374Through Nov 2026
Assumption only · ends Mar 2052$360,758
Assumption + second · ends Mar 2052, second Dec 2056$755,530
New conventional · ends Dec 2056$1,703,660