Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,193/mo
Lowest payment- Down payment
- $217,339
- Funds due
- $228,029
- Interest + MI left
- $89,814
- First ends
- Mar 2052
Assumption
Assumption + second
$2,477/mo
+$1,284/mo- Down payment
- $42,339
- Funds due
- $54,317
- Interest + MI left
- $377,086
- First ends
- Mar 2052
New loan
New conventional
$2,921/mo
+$1,728/mo- Down payment
- $42,339
- Funds due
- $50,859
- Interest + MI left
- $572,748
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,661 | $202,661 | $377,661 |
| Second mortgage | — | $175,000 | — |
| First P&I | $962.09 | $962.09 | $2,614.85 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $75.53 |
| Taxes, insurance & HOA | $230.58 | $230.58 | $230.58 |
| Total housing payment | $1,192.67 | $2,476.76 | $2,920.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,339
Closing costs & prepaids$11,979
Usable credit−$0
Total buyer cash needed$54,317
Earnest money paid−$0
Remaining funds due$54,317
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,013.31
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$241.75
Prepaid interest, first (1 days)$17.16
Prepaid interest, second (1 days)$38.36
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 4 moOf the original 30-year loan at 3.090%
Interest already paid$30,946Through Nov 2026
Assumption only · ends Mar 2052$89,814
Assumption + second · ends Mar 2052, second Dec 2056$377,086
New conventional · ends Dec 2056$572,748