Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,439/mo
Lowest payment- Down payment
- $249,763
- Funds due
- $264,896
- Interest + MI left
- $195,089
- First ends
- Feb 2052
Assumption
Assumption + second
$3,760/mo
+$1,321/mo- Down payment
- $69,763
- Funds due
- $86,185
- Interest + MI left
- $490,569
- First ends
- Feb 2052
New loan
New conventional
$4,761/mo
+$2,322/mo- Down payment
- $69,763
- Funds due
- $81,292
- Interest + MI left
- $940,507
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,237 | $440,237 | $620,237 |
| Second mortgage | — | $180,000 | — |
| First P&I | $2,096.79 | $2,096.79 | $4,294.40 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $124.05 |
| Taxes, insurance & HOA | $342.08 | $342.08 | $342.08 |
| Total housing payment | $2,438.87 | $3,759.65 | $4,760.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,763
Closing costs & prepaids$16,422
Usable credit−$0
Total buyer cash needed$86,185
Earnest money paid−$0
Remaining funds due$86,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,201.19
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)$526.25
Prepaid interest, first (1 days)$37.39
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 3 moOf the original 30-year loan at 3.100%
Interest already paid$68,722Through Nov 2026
Assumption only · ends Feb 2052$195,089
Assumption + second · ends Feb 2052, second Dec 2056$490,569
New conventional · ends Dec 2056$940,507