Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,885/mo
Lowest payment- Down payment
- $486,365
- Funds due
- $512,114
- Interest + MI left
- $326,150
- First ends
- Feb 2052
Assumption
Assumption + second
$7,485/mo
+$2,601/mo- Down payment
- $123,365
- Funds due
- $150,518
- Interest + MI left
- $899,358
- First ends
- Feb 2052
New loan
New conventional
$9,219/mo
+$4,334/mo- Down payment
- $123,365
- Funds due
- $143,715
- Interest + MI left
- $1,670,704
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $738,635 | $738,635 | $1,101,635 |
| Second mortgage | — | $363,000 | — |
| First P&I | $3,514.14 | $3,514.14 | $7,627.50 |
| Second P&I | — | $2,600.58 | — |
| Mortgage insurance | — | — | $220.33 |
| Taxes, insurance & HOA | $1,370.75 | $1,370.75 | $1,370.75 |
| Total housing payment | $4,884.89 | $7,485.47 | $9,218.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$123,365
Closing costs & prepaids$27,153
Usable credit−$0
Total buyer cash needed$150,518
Earnest money paid−$0
Remaining funds due$150,518
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,693.17
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)$3,462.25
Prepaid interest, first (2 days)$125.06
Prepaid interest, second (2 days)$154.15
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 3.090%
Interest already paid$114,941Through Nov 2026
Assumption only · ends Feb 2052$326,150
Assumption + second · ends Feb 2052, second Dec 2056$899,358
New conventional · ends Dec 2056$1,670,704