Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,352/mo
Lowest payment- Down payment
- $295,649
- Funds due
- $310,239
- Interest + MI left
- $352,903
- First ends
- Dec 2055
Assumption
Assumption + second
$3,964/mo
+$1,612/mo- Down payment
- $70,649
- Funds due
- $86,537
- Interest + MI left
- $708,197
- First ends
- Dec 2055
New loan
New conventional
$4,665/mo
+$2,314/mo- Down payment
- $70,649
- Funds due
- $81,791
- Interest + MI left
- $954,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,341 | $404,341 | $629,341 |
| Second mortgage | — | $225,000 | — |
| First P&I | $2,169.75 | $2,169.75 | $4,357.43 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | — | — | $125.87 |
| Taxes, insurance & HOA | $182.00 | $182.00 | $182.00 |
| Total housing payment | $2,351.75 | $3,963.68 | $4,665.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,649
Closing costs & prepaids$15,887
Usable credit−$0
Total buyer cash needed$86,537
Earnest money paid−$0
Remaining funds due$86,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,021.70
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)$46.00
Prepaid interest, first (1 days)$54.00
Prepaid interest, second (1 days)$47.77
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 closing29 yr 1 moOf the original 30-year loan at 4.875%
Interest already paid$18,208Through Nov 2026
Assumption only · ends Dec 2055$352,903
Assumption + second · ends Dec 2055, second Dec 2056$708,197
New conventional · ends Dec 2056$954,438