Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,715/mo
Lowest payment- Down payment
- $188,695
- Funds due
- $200,976
- Interest + MI left
- $121,437
- First ends
- Feb 2052
Assumption
Assumption + second
$2,750/mo
+$1,035/mo- Down payment
- $47,695
- Funds due
- $61,257
- Interest + MI left
- $352,896
- First ends
- Feb 2052
New loan
New conventional
$3,414/mo
+$1,698/mo- Down payment
- $47,695
- Funds due
- $57,338
- Interest + MI left
- $648,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,305 | $286,305 | $427,305 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,345.68 | $1,345.68 | $2,958.57 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | — | — | $85.46 |
| Taxes, insurance & HOA | $369.58 | $369.58 | $369.58 |
| Total housing payment | $1,715.27 | $2,749.88 | $3,413.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,695
Closing costs & prepaids$13,563
Usable credit−$0
Total buyer cash needed$61,257
Earnest money paid−$0
Remaining funds due$61,257
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,431.53
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)$608.75
Prepaid interest, first (1 days)$23.38
Prepaid interest, second (1 days)$30.90
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 2.980%
Interest already paid$43,009Through Nov 2026
Assumption only · ends Feb 2052$121,437
Assumption + second · ends Feb 2052, second Dec 2056$352,896
New conventional · ends Dec 2056$648,037