Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,767/mo
Lowest payment- Down payment
- $228,015
- Funds due
- $244,573
- Interest + MI left
- $213,487
- First ends
- Feb 2052
Assumption
Assumption + second
$3,911/mo
+$1,145/mo- Down payment
- $72,015
- Funds due
- $89,857
- Interest + MI left
- $469,569
- First ends
- Feb 2052
New loan
New conventional
$5,035/mo
+$2,269/mo- Down payment
- $72,015
- Funds due
- $84,714
- Interest + MI left
- $975,130
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,985 | $486,985 | $642,985 |
| Second mortgage | — | $156,000 | — |
| First P&I | $2,311.79 | $2,311.79 | $4,451.90 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | — | — | $128.60 |
| Taxes, insurance & HOA | $454.75 | $454.75 | $454.75 |
| Total housing payment | $2,766.54 | $3,911.21 | $5,035.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,015
Closing costs & prepaids$17,842
Usable credit−$0
Total buyer cash needed$89,857
Earnest money paid−$0
Remaining funds due$89,857
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,434.93
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)$714.25
Prepaid interest, first (1 days)$40.96
Prepaid interest, second (1 days)$34.19
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$75,304Through Nov 2026
Assumption only · ends Feb 2052$213,487
Assumption + second · ends Feb 2052, second Dec 2056$469,569
New conventional · ends Dec 2056$975,130