Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,562/mo
Lowest payment- Down payment
- $359,250
- Funds due
- $379,487
- Interest + MI left
- $295,284
- First ends
- Feb 2052
Assumption
Assumption + second
$5,418/mo
+$1,856/mo- Down payment
- $100,250
- Funds due
- $121,792
- Interest + MI left
- $704,267
- First ends
- Feb 2052
New loan
New conventional
$6,875/mo
+$3,313/mo- Down payment
- $100,250
- Funds due
- $115,624
- Interest + MI left
- $1,361,498
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $638,750 | $638,750 | $897,750 |
| Second mortgage | — | $259,000 | — |
| First P&I | $3,082.62 | $3,082.62 | $6,215.84 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | — | — | $179.55 |
| Taxes, insurance & HOA | $479.75 | $479.75 | $479.75 |
| Total housing payment | $3,562.37 | $5,417.88 | $6,875.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,250
Closing costs & prepaids$21,542
Usable credit−$0
Total buyer cash needed$121,792
Earnest money paid−$0
Remaining funds due$121,792
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,193.75
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)$789.25
Prepaid interest, first (1 days)$56.35
Prepaid interest, second (1 days)$54.99
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 3 moOf the original 30-year loan at 3.220%
Interest already paid$103,460Through Nov 2026
Assumption only · ends Feb 2052$295,284
Assumption + second · ends Feb 2052, second Dec 2056$704,267
New conventional · ends Dec 2056$1,361,498