Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,995/mo
Lowest payment- Down payment
- $129,579
- Funds due
- $143,954
- Interest + MI left
- $489,949
- First ends
- Jan 2056
Assumption
Assumption + second
$3,591/mo
+$595/mo- Down payment
- $55,579
- Funds due
- $71,368
- Interest + MI left
- $630,301
- First ends
- Jan 2056
New loan
New conventional
$3,835/mo
+$840/mo- Down payment
- $55,579
- Funds due
- $66,734
- Interest + MI left
- $722,925
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,421 | $420,421 | $494,421 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,608.51 | $2,608.51 | $3,349.38 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $98.88 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,995.18 | $3,590.60 | $3,834.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,579
Closing costs & prepaids$15,789
Usable credit−$0
Total buyer cash needed$71,368
Earnest money paid−$0
Remaining funds due$71,368
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,102.11
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)$660.00
Prepaid interest, first (9 days)$644.80
Prepaid interest, second (9 days)$164.22
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 closing29 yr 1 moOf the original 30-year loan at 6.22%
Interest already paid$24,115Through Dec 2026
Assumption only · ends Jan 2056$489,949
Assumption + second · ends Jan 2056, second Jan 2057$630,301
New conventional · ends Jan 2057$722,925