Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $115,594
- Funds due
- $126,247
- Interest + MI left
- $273,993
- First ends
- Feb 2056
Assumption
Assumption + second
$2,383/mo
+$644/mo- Down payment
- $35,594
- Funds due
- $47,674
- Interest + MI left
- $425,725
- First ends
- Feb 2056
New loan
New conventional
$2,475/mo
+$736/mo- Down payment
- $35,594
- Funds due
- $44,127
- Interest + MI left
- $458,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,406 | $233,406 | $313,406 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,449.71 | $1,449.71 | $2,123.12 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $62.68 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $1,739.30 | $2,382.99 | $2,475.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,594
Closing costs & prepaids$12,080
Usable credit−$0
Total buyer cash needed$47,674
Earnest money paid−$0
Remaining funds due$47,674
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,167.03
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)$418.75
Prepaid interest, first (9 days)$359.13
Prepaid interest, second (9 days)$177.53
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 2 moOf the original 30-year loan at 6.24%
Interest already paid$12,203Through Dec 2026
Assumption only · ends Feb 2056$273,993
Assumption + second · ends Feb 2056, second Jan 2057$425,725
New conventional · ends Jan 2057$458,189