Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,366/mo
Lowest payment- Down payment
- $403,297
- Funds due
- $426,615
- Interest + MI left
- $369,724
- First ends
- Apr 2052
Assumption
Assumption + second
$6,394/mo
+$2,027/mo- Down payment
- $120,297
- Funds due
- $144,985
- Interest + MI left
- $816,605
- First ends
- Apr 2052
New loan
New conventional
$8,234/mo
+$3,867/mo- Down payment
- $120,297
- Funds due
- $137,933
- Interest + MI left
- $1,637,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $796,703 | $796,703 | $1,079,703 |
| Second mortgage | — | $283,000 | — |
| First P&I | $3,824.35 | $3,824.35 | $7,475.65 |
| Second P&I | — | $2,027.45 | — |
| Mortgage insurance | — | — | $215.94 |
| Taxes, insurance & HOA | $542.08 | $542.08 | $542.08 |
| Total housing payment | $4,366.44 | $6,393.88 | $8,233.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,297
Closing costs & prepaids$24,688
Usable credit−$0
Total buyer cash needed$144,985
Earnest money paid−$0
Remaining funds due$144,985
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,983.52
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)$976.25
Prepaid interest, first (2 days)$140.13
Prepaid interest, second (2 days)$120.18
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 5 moOf the original 30-year loan at 3.210%
Interest already paid$123,849Through Nov 2026
Assumption only · ends Apr 2052$369,724
Assumption + second · ends Apr 2052, second Dec 2056$816,605
New conventional · ends Dec 2056$1,637,442