Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,840/mo
Lowest payment- Down payment
- $252,191
- Funds due
- $271,461
- Interest + MI left
- $381,701
- First ends
- Feb 2052
Assumption
Assumption + second
$5,029/mo
+$1,189/mo- Down payment
- $90,191
- Funds due
- $110,782
- Interest + MI left
- $647,632
- First ends
- Feb 2052
New loan
New conventional
$6,207/mo
+$2,367/mo- Down payment
- $90,191
- Funds due
- $104,719
- Interest + MI left
- $1,226,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $646,809 | $646,809 | $808,809 |
| Second mortgage | — | $162,000 | — |
| First P&I | $3,394.42 | $3,394.42 | $5,600.03 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $161.76 |
| Taxes, insurance & HOA | $445.67 | $445.67 | $445.67 |
| Total housing payment | $3,840.09 | $5,028.79 | $6,207.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,191
Closing costs & prepaids$20,592
Usable credit−$0
Total buyer cash needed$110,782
Earnest money paid−$0
Remaining funds due$110,782
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,234.05
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)$687.00
Prepaid interest, first (2 days)$141.77
Prepaid interest, second (2 days)$71.01
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 3 moOf the original 30-year loan at 4.000%
Interest already paid$129,291Through Nov 2026
Assumption only · ends Feb 2052$381,701
Assumption + second · ends Feb 2052, second Dec 2056$647,632
New conventional · ends Dec 2056$1,226,613