Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,244/mo
Lowest payment- Down payment
- $263,476
- Funds due
- $284,497
- Interest + MI left
- $329,097
- First ends
- Apr 2052
Assumption
Assumption + second
$5,513/mo
+$1,269/mo- Down payment
- $90,476
- Funds due
- $112,785
- Interest + MI left
- $613,086
- First ends
- Apr 2052
New loan
New conventional
$6,826/mo
+$2,582/mo- Down payment
- $90,476
- Funds due
- $106,743
- Interest + MI left
- $1,219,954
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $631,524 | $631,524 | $804,524 |
| Second mortgage | — | $173,000 | — |
| First P&I | $3,149.58 | $3,149.58 | $5,570.36 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $160.90 |
| Taxes, insurance & HOA | $1,094.42 | $1,094.42 | $1,094.42 |
| Total housing payment | $4,243.99 | $5,513.41 | $6,825.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,476
Closing costs & prepaids$22,308
Usable credit−$0
Total buyer cash needed$112,785
Earnest money paid−$0
Remaining funds due$112,785
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,157.62
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)$2,633.25
Prepaid interest, first (1 days)$61.60
Prepaid interest, second (1 days)$37.92
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 5 moOf the original 30-year loan at 3.560%
Interest already paid$108,559Through Nov 2026
Assumption only · ends Apr 2052$329,097
Assumption + second · ends Apr 2052, second Dec 2056$613,086
New conventional · ends Dec 2056$1,219,954