Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,799/mo
Lowest payment- Down payment
- $245,317
- Funds due
- $265,218
- Interest + MI left
- $267,520
- First ends
- Feb 2052
Assumption
Assumption + second
$4,973/mo
+$1,174/mo- Down payment
- $85,317
- Funds due
- $106,503
- Interest + MI left
- $530,168
- First ends
- Feb 2052
New loan
New conventional
$6,364/mo
+$2,565/mo- Down payment
- $85,317
- Funds due
- $100,656
- Interest + MI left
- $1,158,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $603,683 | $603,683 | $763,683 |
| Second mortgage | — | $160,000 | — |
| First P&I | $2,875.26 | $2,875.26 | $5,287.59 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $152.74 |
| Taxes, insurance & HOA | $924.17 | $924.17 | $924.17 |
| Total housing payment | $3,799.42 | $4,973.45 | $6,364.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,317
Closing costs & prepaids$21,185
Usable credit−$0
Total buyer cash needed$106,503
Earnest money paid−$0
Remaining funds due$106,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,018.41
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)$2,122.50
Prepaid interest, first (1 days)$51.27
Prepaid interest, second (1 days)$35.07
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 3 moOf the original 30-year loan at 3.100%
Interest already paid$94,236Through Nov 2026
Assumption only · ends Feb 2052$267,520
Assumption + second · ends Feb 2052, second Dec 2056$530,168
New conventional · ends Dec 2056$1,158,177