Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,863/mo
Lowest payment- Down payment
- $246,070
- Funds due
- $263,254
- Interest + MI left
- $209,142
- First ends
- Jan 2052
Assumption
Assumption + second
$4,110/mo
+$1,247/mo- Down payment
- $76,070
- Funds due
- $94,541
- Interest + MI left
- $488,206
- First ends
- Jan 2052
New loan
New conventional
$5,341/mo
+$2,478/mo- Down payment
- $76,070
- Funds due
- $89,228
- Interest + MI left
- $1,037,224
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,929 | $513,929 | $683,929 |
| Second mortgage | — | $170,000 | — |
| First P&I | $2,394.28 | $2,394.28 | $4,735.39 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $136.79 |
| Taxes, insurance & HOA | $468.50 | $468.50 | $468.50 |
| Total housing payment | $2,862.78 | $4,110.18 | $5,340.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,070
Closing costs & prepaids$18,471
Usable credit−$0
Total buyer cash needed$94,541
Earnest money paid−$0
Remaining funds due$94,541
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,599.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,569.65
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)$755.50
Prepaid interest, first (1 days)$40.55
Prepaid interest, second (1 days)$37.26
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 2 moOf the original 30-year loan at 2.880%
Interest already paid$76,085Through Nov 2026
Assumption only · ends Jan 2052$209,142
Assumption + second · ends Jan 2052, second Dec 2056$488,206
New conventional · ends Dec 2056$1,037,224