Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,877/mo
Lowest payment- Down payment
- $184,058
- Funds due
- $196,945
- Interest + MI left
- $130,396
- First ends
- Feb 2052
Assumption
Assumption + second
$2,846/mo
+$969/mo- Down payment
- $52,058
- Funds due
- $66,224
- Interest + MI left
- $347,080
- First ends
- Feb 2052
New loan
New conventional
$3,672/mo
+$1,794/mo- Down payment
- $52,058
- Funds due
- $62,022
- Interest + MI left
- $709,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,942 | $335,942 | $467,942 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,539.07 | $1,539.07 | $3,239.94 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $93.59 |
| Taxes, insurance & HOA | $338.08 | $338.08 | $338.08 |
| Total housing payment | $1,877.15 | $2,845.72 | $3,671.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,058
Closing costs & prepaids$14,166
Usable credit−$0
Total buyer cash needed$66,224
Earnest money paid−$0
Remaining funds due$66,224
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,679.71
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$514.25
Prepaid interest, first (1 days)$25.31
Prepaid interest, second (1 days)$28.93
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 2.750%
Interest already paid$46,669Through Nov 2026
Assumption only · ends Feb 2052$130,396
Assumption + second · ends Feb 2052, second Dec 2056$347,080
New conventional · ends Dec 2056$709,666