Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,423/mo
Lowest payment- Down payment
- $434,830
- Funds due
- $452,364
- Interest + MI left
- $181,906
- First ends
- Feb 2052
Assumption
Assumption + second
$4,923/mo
+$2,500/mo- Down payment
- $85,830
- Funds due
- $104,688
- Interest + MI left
- $733,006
- First ends
- Feb 2052
New loan
New conventional
$5,895/mo
+$3,472/mo- Down payment
- $85,830
- Funds due
- $99,758
- Interest + MI left
- $1,158,421
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $414,945 | $414,945 | $763,945 |
| Second mortgage | — | $349,000 | — |
| First P&I | $1,969.80 | $1,969.80 | $5,289.40 |
| Second P&I | — | $2,500.28 | — |
| Mortgage insurance | — | — | $152.79 |
| Taxes, insurance & HOA | $452.83 | $452.83 | $452.83 |
| Total housing payment | $2,422.64 | $4,922.92 | $5,895.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,830
Closing costs & prepaids$18,858
Usable credit−$0
Total buyer cash needed$104,688
Earnest money paid−$0
Remaining funds due$104,688
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,497.75
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,074.73
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)$708.50
Prepaid interest, first (1 days)$34.90
Prepaid interest, second (1 days)$74.10
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$64,164Through Nov 2026
Assumption only · ends Feb 2052$181,906
Assumption + second · ends Feb 2052, second Dec 2056$733,006
New conventional · ends Dec 2056$1,158,421