Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,283/mo
Lowest payment- Down payment
- $312,477
- Funds due
- $324,723
- Interest + MI left
- $88,424
- First ends
- Mar 2052
Assumption
Assumption + second
$3,132/mo
+$1,848/mo- Down payment
- $54,477
- Funds due
- $68,082
- Interest + MI left
- $495,827
- First ends
- Mar 2052
New loan
New conventional
$3,684/mo
+$2,400/mo- Down payment
- $54,477
- Funds due
- $64,433
- Interest + MI left
- $728,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,523 | $222,523 | $480,523 |
| Second mortgage | — | $258,000 | — |
| First P&I | $1,022.85 | $1,022.85 | $3,327.04 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | — | — | $96.10 |
| Taxes, insurance & HOA | $260.42 | $260.42 | $260.42 |
| Total housing payment | $1,283.27 | $3,131.61 | $3,683.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,477
Closing costs & prepaids$13,606
Usable credit−$0
Total buyer cash needed$68,082
Earnest money paid−$0
Remaining funds due$68,082
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,112.62
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)$281.25
Prepaid interest, first (2 days)$34.14
Prepaid interest, second (2 days)$109.56
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 4 moOf the original 30-year loan at 2.800%
Interest already paid$30,870Through Nov 2026
Assumption only · ends Mar 2052$88,424
Assumption + second · ends Mar 2052, second Dec 2056$495,827
New conventional · ends Dec 2056$728,649