Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,695/mo
Lowest payment- Down payment
- $198,371
- Funds due
- $212,684
- Interest + MI left
- $417,655
- First ends
- Mar 2056
Assumption
Assumption + second
$3,737/mo
+$1,042/mo- Down payment
- $56,371
- Funds due
- $72,214
- Interest + MI left
- $650,756
- First ends
- Mar 2056
New loan
New conventional
$3,966/mo
+$1,272/mo- Down payment
- $56,371
- Funds due
- $67,881
- Interest + MI left
- $728,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,629 | $356,629 | $498,629 |
| Second mortgage | — | $142,000 | — |
| First P&I | $2,205.94 | $2,205.94 | $3,377.89 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $99.73 |
| Taxes, insurance & HOA | $488.67 | $488.67 | $488.67 |
| Total housing payment | $2,694.60 | $3,736.55 | $3,966.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,371
Closing costs & prepaids$15,843
Usable credit−$0
Total buyer cash needed$72,214
Earnest money paid−$0
Remaining funds due$72,214
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,783.14
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)$666.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$546.08
Prepaid interest, second (9 days)$280.11
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 3 moOf the original 30-year loan at 6.21%
Interest already paid$16,692Through Dec 2026
Assumption only · ends Mar 2056$417,655
Assumption + second · ends Mar 2056, second Jan 2057$650,756
New conventional · ends Jan 2057$728,978