Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,026/mo
Lowest payment- Down payment
- $385,183
- Funds due
- $397,271
- Interest + MI left
- $67,587
- First ends
- Jan 2052
Assumption
Assumption + second
$3,390/mo
+$2,364/mo- Down payment
- $55,183
- Funds due
- $68,661
- Interest + MI left
- $588,684
- First ends
- Jan 2052
New loan
New conventional
$3,781/mo
+$2,755/mo- Down payment
- $55,183
- Funds due
- $65,276
- Interest + MI left
- $750,423
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,817 | $164,817 | $494,817 |
| Second mortgage | — | $330,000 | — |
| First P&I | $769.55 | $769.55 | $3,426.01 |
| Second P&I | — | $2,364.16 | — |
| Mortgage insurance | — | — | $98.96 |
| Taxes, insurance & HOA | $256.42 | $256.42 | $256.42 |
| Total housing payment | $1,025.96 | $3,390.12 | $3,781.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,183
Closing costs & prepaids$13,478
Usable credit−$0
Total buyer cash needed$68,661
Earnest money paid−$0
Remaining funds due$68,661
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$824.08
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)$269.25
Prepaid interest, first (2 days)$26.19
Prepaid interest, second (2 days)$140.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.900%
Interest already paid$24,565Through Nov 2026
Assumption only · ends Jan 2052$67,587
Assumption + second · ends Jan 2052, second Dec 2056$588,684
New conventional · ends Dec 2056$750,423