Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,885/mo
Lowest payment- Down payment
- $261,649
- Funds due
- $277,333
- Interest + MI left
- $293,622
- First ends
- Dec 2052
Assumption
Assumption + second
$4,330/mo
+$1,446/mo- Down payment
- $64,649
- Funds due
- $81,756
- Interest + MI left
- $617,008
- First ends
- Dec 2052
New loan
New conventional
$4,735/mo
+$1,850/mo- Down payment
- $64,649
- Funds due
- $77,224
- Interest + MI left
- $838,560
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,341 | $383,341 | $580,341 |
| Second mortgage | — | $197,000 | — |
| First P&I | $2,169.75 | $2,169.75 | $3,903.99 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $116.07 |
| Taxes, insurance & HOA | $714.92 | $714.92 | $714.92 |
| Total housing payment | $2,884.67 | $4,330.19 | $4,734.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,649
Closing costs & prepaids$17,107
Usable credit−$0
Total buyer cash needed$81,756
Earnest money paid−$0
Remaining funds due$81,756
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,449.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,916.70
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)$1,644.75
Prepaid interest, first (4 days)$204.80
Prepaid interest, second (4 days)$172.71
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 closing26 yrOf the original 30-year loan at 4.875%
Interest already paid$77,489Through Dec 2026
Assumption only · ends Dec 2052$293,622
Assumption + second · ends Dec 2052, second Jan 2057$617,008
New conventional · ends Jan 2057$838,560