Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,772/mo
Lowest payment- Down payment
- $231,242
- Funds due
- $245,804
- Interest + MI left
- $334,890
- First ends
- Oct 2052
Assumption
Assumption + second
$4,012/mo
+$1,240/mo- Down payment
- $62,242
- Funds due
- $78,128
- Interest + MI left
- $612,312
- First ends
- Oct 2052
New loan
New conventional
$4,418/mo
+$1,646/mo- Down payment
- $62,242
- Funds due
- $73,555
- Interest + MI left
- $845,726
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,658 | $388,658 | $557,658 |
| Second mortgage | — | $169,000 | — |
| First P&I | $2,326.52 | $2,326.52 | $3,861.11 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $111.53 |
| Taxes, insurance & HOA | $445.25 | $445.25 | $445.25 |
| Total housing payment | $2,771.77 | $4,011.83 | $4,417.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,242
Closing costs & prepaids$15,885
Usable credit−$0
Total buyer cash needed$78,128
Earnest money paid−$0
Remaining funds due$78,128
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,943.29
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)$835.75
Prepaid interest, first (2 days)$115.21
Prepaid interest, second (2 days)$74.08
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$88,800Through Nov 2026
Assumption only · ends Oct 2052$334,890
Assumption + second · ends Oct 2052, second Dec 2056$612,312
New conventional · ends Dec 2056$845,726