Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,809/mo
Lowest payment- Down payment
- $99,339
- Funds due
- $110,030
- Interest + MI left
- $287,582
- First ends
- Mar 2056
Assumption
Assumption + second
$2,324/mo
+$515/mo- Down payment
- $35,339
- Funds due
- $47,422
- Interest + MI left
- $408,967
- First ends
- Mar 2056
New loan
New conventional
$2,449/mo
+$640/mo- Down payment
- $35,339
- Funds due
- $43,828
- Interest + MI left
- $452,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,561 | $245,561 | $309,561 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,518.93 | $1,518.93 | $2,097.07 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $61.91 |
| Taxes, insurance & HOA | $290.08 | $290.08 | $290.08 |
| Total housing payment | $1,809.01 | $2,323.96 | $2,449.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,339
Closing costs & prepaids$12,083
Usable credit−$0
Total buyer cash needed$47,422
Earnest money paid−$0
Remaining funds due$47,422
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,227.81
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)$414.00
Initial HOA (3 months)$6.24
Prepaid interest, first (9 days)$376.01
Prepaid interest, second (9 days)$142.03
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$11,494Through Dec 2026
Assumption only · ends Mar 2056$287,582
Assumption + second · ends Mar 2056, second Jan 2057$408,967
New conventional · ends Jan 2057$452,567