Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,222/mo
Lowest payment- Down payment
- $277,219
- Funds due
- $291,928
- Interest + MI left
- $162,780
- First ends
- Jan 2052
Assumption
Assumption + second
$3,741/mo
+$1,519/mo- Down payment
- $65,219
- Funds due
- $81,223
- Interest + MI left
- $497,546
- First ends
- Jan 2052
New loan
New conventional
$4,614/mo
+$2,392/mo- Down payment
- $65,219
- Funds due
- $76,707
- Interest + MI left
- $886,708
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,681 | $372,681 | $584,681 |
| Second mortgage | — | $212,000 | — |
| First P&I | $1,773.05 | $1,773.05 | $4,048.21 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $116.94 |
| Taxes, insurance & HOA | $449.17 | $449.17 | $449.17 |
| Total housing payment | $2,222.22 | $3,741.01 | $4,614.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,219
Closing costs & prepaids$16,004
Usable credit−$0
Total buyer cash needed$81,223
Earnest money paid−$0
Remaining funds due$81,223
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,863.40
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)$847.50
Prepaid interest, first (1 days)$31.35
Prepaid interest, second (1 days)$45.01
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 3.070%
Interest already paid$58,711Through Nov 2026
Assumption only · ends Jan 2052$162,780
Assumption + second · ends Jan 2052, second Dec 2056$497,546
New conventional · ends Dec 2056$886,708