Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,674/mo
Lowest payment- Down payment
- $138,318
- Funds due
- $151,774
- Interest + MI left
- $445,926
- First ends
- Feb 2056
Assumption
Assumption + second
$3,382/mo
+$708/mo- Down payment
- $50,318
- Funds due
- $65,219
- Interest + MI left
- $612,831
- First ends
- Feb 2056
New loan
New conventional
$3,503/mo
+$829/mo- Down payment
- $50,318
- Funds due
- $60,886
- Interest + MI left
- $657,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,682 | $361,682 | $449,682 |
| Second mortgage | — | $88,000 | — |
| First P&I | $2,307.45 | $2,307.45 | $3,046.30 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $89.94 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,674.12 | $3,382.19 | $3,502.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,318
Closing costs & prepaids$14,901
Usable credit−$0
Total buyer cash needed$65,219
Earnest money paid−$0
Remaining funds due$65,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,808.41
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)$600.00
Prepaid interest, first (9 days)$579.68
Prepaid interest, second (9 days)$195.29
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 6.5%
Interest already paid$19,693Through Dec 2026
Assumption only · ends Feb 2056$445,926
Assumption + second · ends Feb 2056, second Jan 2057$612,831
New conventional · ends Jan 2057$657,509