Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
Lowest payment- Down payment
- $378,456
- Funds due
- $395,056
- Interest + MI left
- $157,176
- First ends
- Jan 2052
Assumption
Assumption + second
$4,471/mo
+$2,171/mo- Down payment
- $75,456
- Funds due
- $93,370
- Interest + MI left
- $635,639
- First ends
- Jan 2052
New loan
New conventional
$5,351/mo
+$3,051/mo- Down payment
- $75,456
- Funds due
- $88,762
- Interest + MI left
- $1,021,475
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,544 | $370,544 | $673,544 |
| Second mortgage | — | $303,000 | — |
| First P&I | $1,747.42 | $1,747.42 | $4,663.48 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $134.71 |
| Taxes, insurance & HOA | $553.00 | $553.00 | $553.00 |
| Total housing payment | $2,300.42 | $4,471.15 | $5,351.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,456
Closing costs & prepaids$17,914
Usable credit−$0
Total buyer cash needed$93,370
Earnest money paid−$0
Remaining funds due$93,370
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,852.72
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)$1,009.00
Prepaid interest, first (1 days)$30.35
Prepaid interest, second (1 days)$64.34
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 2.990%
Interest already paid$56,895Through Nov 2026
Assumption only · ends Jan 2052$157,176
Assumption + second · ends Jan 2052, second Dec 2056$635,639
New conventional · ends Dec 2056$1,021,475