Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,477/mo
Lowest payment- Down payment
- $206,001
- Funds due
- $224,543
- Interest + MI left
- $272,324
- First ends
- Jan 2052
Assumption
Assumption + second
$4,379/mo
+$903/mo- Down payment
- $83,001
- Funds due
- $102,820
- Interest + MI left
- $474,235
- First ends
- Jan 2052
New loan
New conventional
$5,811/mo
+$2,334/mo- Down payment
- $83,001
- Funds due
- $96,923
- Interest + MI left
- $1,125,291
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $618,999 | $618,999 | $741,999 |
| Second mortgage | — | $123,000 | — |
| First P&I | $2,951.40 | $2,951.40 | $5,137.45 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | — | — | $148.40 |
| Taxes, insurance & HOA | $525.50 | $525.50 | $525.50 |
| Total housing payment | $3,476.90 | $4,379.43 | $5,811.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,001
Closing costs & prepaids$19,819
Usable credit−$0
Total buyer cash needed$102,820
Earnest money paid−$0
Remaining funds due$102,820
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,094.99
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)$926.50
Prepaid interest, first (1 days)$52.40
Prepaid interest, second (1 days)$26.96
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 3.090%
Interest already paid$98,132Through Nov 2026
Assumption only · ends Jan 2052$272,324
Assumption + second · ends Jan 2052, second Dec 2056$474,235
New conventional · ends Dec 2056$1,125,291