Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,869/mo
Lowest payment- Down payment
- $342,362
- Funds due
- $359,949
- Interest + MI left
- $269,487
- First ends
- Jun 2052
Assumption
Assumption + second
$4,724/mo
+$1,856/mo- Down payment
- $83,362
- Funds due
- $102,309
- Interest + MI left
- $678,470
- First ends
- Jun 2052
New loan
New conventional
$5,702/mo
+$2,833/mo- Down payment
- $83,362
- Funds due
- $97,111
- Interest + MI left
- $1,124,594
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $482,637 | $482,637 | $741,637 |
| Second mortgage | — | $259,000 | — |
| First P&I | $2,449.92 | $2,449.92 | $5,134.94 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | — | — | $148.33 |
| Taxes, insurance & HOA | $418.83 | $418.83 | $418.83 |
| Total housing payment | $2,868.75 | $4,724.26 | $5,702.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,362
Closing costs & prepaids$18,947
Usable credit−$0
Total buyer cash needed$102,309
Earnest money paid−$0
Remaining funds due$102,309
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,249.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,413.19
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)$606.50
Prepaid interest, first (2 days)$99.44
Prepaid interest, second (2 days)$109.99
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 7 moOf the original 30-year loan at 3.760%
Interest already paid$84,123Through Nov 2026
Assumption only · ends Jun 2052$269,487
Assumption + second · ends Jun 2052, second Dec 2056$678,470
New conventional · ends Dec 2056$1,124,594