Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,647/mo
Lowest payment- Down payment
- $242,138
- Funds due
- $261,906
- Interest + MI left
- $294,828
- First ends
- Mar 2052
Assumption
Assumption + second
$4,777/mo
+$1,130/mo- Down payment
- $88,138
- Funds due
- $109,460
- Interest + MI left
- $547,627
- First ends
- Mar 2052
New loan
New conventional
$6,091/mo
+$2,444/mo- Down payment
- $88,138
- Funds due
- $103,938
- Interest + MI left
- $1,157,687
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $637,762 | $637,762 | $791,762 |
| Second mortgage | — | $154,000 | — |
| First P&I | $3,077.85 | $3,077.85 | $5,363.67 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $158.35 |
| Taxes, insurance & HOA | $568.67 | $568.67 | $568.67 |
| Total housing payment | $3,646.52 | $4,776.52 | $6,090.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,138
Closing costs & prepaids$21,322
Usable credit−$0
Total buyer cash needed$109,460
Earnest money paid−$0
Remaining funds due$109,460
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,188.81
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)$1,056.00
Prepaid interest, first (9 days)$506.37
Prepaid interest, second (9 days)$303.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.22%
Interest already paid$103,300Through Dec 2026
Assumption only · ends Mar 2052$294,828
Assumption + second · ends Mar 2052, second Jan 2057$547,627
New conventional · ends Jan 2057$1,157,687