Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,669/mo
Lowest payment- Down payment
- $97,539
- Funds due
- $115,825
- Interest + MI left
- $271,622
- First ends
- Jan 2052
Assumption
Assumption + second
$4,270/mo
+$601/mo- Down payment
- $38,539
- Funds due
- $58,094
- Interest + MI left
- $429,058
- First ends
- Jan 2052
New loan
New conventional
$5,735/mo
+$2,066/mo- Down payment
- $38,539
- Funds due
- $52,404
- Interest + MI left
- $1,105,650
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $667,461 | $667,461 | $726,461 |
| Second mortgage | — | $59,000 | — |
| First P&I | $3,109.55 | $3,109.55 | $5,029.87 |
| Second P&I | — | $601.21 | — |
| Mortgage insurance | — | — | $145.29 |
| Taxes, insurance & HOA | $559.42 | $559.42 | $559.42 |
| Total housing payment | $3,668.96 | $4,270.17 | $5,734.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,539
Closing costs & prepaids$19,555
Usable credit−$0
Total buyer cash needed$58,094
Earnest money paid−$0
Remaining funds due$58,094
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,337.31
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)$1,028.25
Prepaid interest, first (1 days)$52.67
Prepaid interest, second (1 days)$19.20
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 2 moOf the original 30-year loan at 2.880%
Interest already paid$98,815Through Nov 2026
Assumption only · ends Jan 2052$271,622
Assumption + second · ends Jan 2052, second Dec 2056$429,058
New conventional · ends Dec 2056$1,105,650