Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,714/mo
Lowest payment- Down payment
- $236,465
- Funds due
- $249,213
- Interest + MI left
- $137,951
- First ends
- Mar 2052
Assumption
Assumption + second
$3,042/mo
+$1,328/mo- Down payment
- $55,465
- Funds due
- $69,503
- Interest + MI left
- $435,072
- First ends
- Mar 2052
New loan
New conventional
$3,752/mo
+$2,038/mo- Down payment
- $55,465
- Funds due
- $65,372
- Interest + MI left
- $749,996
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,535 | $313,535 | $494,535 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,485.15 | $1,485.15 | $3,424.06 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $98.91 |
| Taxes, insurance & HOA | $228.67 | $228.67 | $228.67 |
| Total housing payment | $1,713.82 | $3,041.93 | $3,751.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,465
Closing costs & prepaids$14,038
Usable credit−$0
Total buyer cash needed$69,503
Earnest money paid−$0
Remaining funds due$69,503
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%)$1,567.67
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)$186.00
Prepaid interest, first (1 days)$26.37
Prepaid interest, second (1 days)$39.67
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 3.070%
Interest already paid$47,575Through Nov 2026
Assumption only · ends Mar 2052$137,951
Assumption + second · ends Mar 2052, second Dec 2056$435,072
New conventional · ends Dec 2056$749,996