Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
Lowest payment- Down payment
- $316,649
- Funds due
- $333,023
- Interest + MI left
- $293,622
- First ends
- Dec 2052
Assumption
Assumption + second
$4,694/mo
+$1,762/mo- Down payment
- $70,649
- Funds due
- $88,482
- Interest + MI left
- $682,077
- First ends
- Dec 2052
New loan
New conventional
$5,121/mo
+$2,190/mo- Down payment
- $70,649
- Funds due
- $83,893
- Interest + MI left
- $909,362
- 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 | $629,341 |
| Second mortgage | — | $246,000 | — |
| First P&I | $2,169.75 | $2,169.75 | $4,233.62 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | — | — | $125.87 |
| Taxes, insurance & HOA | $761.67 | $761.67 | $761.67 |
| Total housing payment | $2,931.42 | $4,693.79 | $5,121.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,649
Closing costs & prepaids$17,833
Usable credit−$0
Total buyer cash needed$88,482
Earnest money paid−$0
Remaining funds due$88,482
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.90
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)$1,785.00
Prepaid interest, first (4 days)$204.80
Prepaid interest, second (4 days)$208.93
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$682,077
New conventional · ends Jan 2057$909,362