Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,832/mo
Lowest payment- Down payment
- $298,268
- Funds due
- $322,013
- Interest + MI left
- $392,697
- First ends
- Mar 2052
Assumption
Assumption + second
$6,153/mo
+$1,321/mo- Down payment
- $118,268
- Funds due
- $143,302
- Interest + MI left
- $688,176
- First ends
- Mar 2052
New loan
New conventional
$8,184/mo
+$3,352/mo- Down payment
- $118,268
- Funds due
- $135,794
- Interest + MI left
- $1,602,454
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $876,632 | $876,632 | $1,056,632 |
| Second mortgage | — | $180,000 | — |
| First P&I | $4,175.43 | $4,175.43 | $7,315.91 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $211.33 |
| Taxes, insurance & HOA | $656.67 | $656.67 | $656.67 |
| Total housing payment | $4,832.09 | $6,152.87 | $8,183.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$118,268
Closing costs & prepaids$25,035
Usable credit−$0
Total buyer cash needed$143,302
Earnest money paid−$0
Remaining funds due$143,302
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,383.16
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)$1,320.00
Prepaid interest, first (1 days)$74.93
Prepaid interest, second (1 days)$39.45
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 3.120%
Interest already paid$135,125Through Nov 2026
Assumption only · ends Mar 2052$392,697
Assumption + second · ends Mar 2052, second Dec 2056$688,176
New conventional · ends Dec 2056$1,602,454