Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,571/mo
Lowest payment- Down payment
- $241,359
- Funds due
- $260,270
- Interest + MI left
- $279,661
- First ends
- Apr 2052
Assumption
Assumption + second
$4,767/mo
+$1,196/mo- Down payment
- $78,359
- Funds due
- $98,662
- Interest + MI left
- $547,235
- First ends
- Apr 2052
New loan
New conventional
$5,740/mo
+$2,169/mo- Down payment
- $78,359
- Funds due
- $93,336
- Interest + MI left
- $1,013,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $538,641 | $538,641 | $701,641 |
| Second mortgage | — | $163,000 | — |
| First P&I | $2,691.78 | $2,691.78 | $4,719.98 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $140.33 |
| Taxes, insurance & HOA | $879.67 | $879.67 | $879.67 |
| Total housing payment | $3,571.45 | $4,767.49 | $5,739.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,359
Closing costs & prepaids$20,303
Usable credit−$0
Total buyer cash needed$98,662
Earnest money paid−$0
Remaining funds due$98,662
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,693.20
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)$1,989.00
Prepaid interest, first (4 days)$210.14
Prepaid interest, second (4 days)$142.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.56%
Interest already paid$94,381Through Dec 2026
Assumption only · ends Apr 2052$279,661
Assumption + second · ends Apr 2052, second Jan 2057$547,235
New conventional · ends Jan 2057$1,013,831