Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,703/mo
Lowest payment- Down payment
- $267,263
- Funds due
- $280,248
- Interest + MI left
- $103,083
- First ends
- Feb 2052
Assumption
Assumption + second
$3,258/mo
+$1,555/mo- Down payment
- $50,263
- Funds due
- $64,682
- Interest + MI left
- $445,745
- First ends
- Feb 2052
New loan
New conventional
$3,706/mo
+$2,003/mo- Down payment
- $50,263
- Funds due
- $61,059
- Interest + MI left
- $649,700
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,637 | $232,637 | $449,637 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,111.66 | $1,111.66 | $3,024.74 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $89.93 |
| Taxes, insurance & HOA | $591.58 | $591.58 | $591.58 |
| Total housing payment | $1,703.24 | $3,257.85 | $3,706.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,263
Closing costs & prepaids$14,419
Usable credit−$0
Total buyer cash needed$64,682
Earnest money paid−$0
Remaining funds due$64,682
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,163.18
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)$1,274.75
Prepaid interest, first (4 days)$79.29
Prepaid interest, second (4 days)$184.30
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 2 moOf the original 30-year loan at 3.11%
Interest already paid$37,113Through Dec 2026
Assumption only · ends Feb 2052$103,083
Assumption + second · ends Feb 2052, second Jan 2057$445,745
New conventional · ends Jan 2057$649,700