Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,651/mo
Lowest payment- Down payment
- $144,088
- Funds due
- $154,744
- Interest + MI left
- $269,850
- First ends
- Sep 2056
Assumption
Assumption + second
$2,444/mo
+$792/mo- Down payment
- $36,088
- Funds due
- $48,207
- Interest + MI left
- $447,138
- First ends
- Sep 2056
New loan
New conventional
$2,546/mo
+$894/mo- Down payment
- $36,088
- Funds due
- $44,745
- Interest + MI left
- $472,151
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,912 | $214,912 | $322,912 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,357.88 | $1,357.88 | $2,187.52 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $64.58 |
| Taxes, insurance & HOA | $293.58 | $293.58 | $293.58 |
| Total housing payment | $1,651.46 | $2,443.93 | $2,545.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,088
Closing costs & prepaids$12,119
Usable credit−$0
Total buyer cash needed$48,207
Earnest money paid−$0
Remaining funds due$48,207
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,074.56
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)$430.75
Prepaid interest, first (9 days)$342.86
Prepaid interest, second (9 days)$213.04
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 9 moOf the original 30-year loan at 6.47%
Interest already paid$3,483Through Dec 2026
Assumption only · ends Sep 2056$269,850
Assumption + second · ends Sep 2056, second Jan 2057$447,138
New conventional · ends Jan 2057$472,151