Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,237/mo
Lowest payment- Down payment
- $91,886
- Funds due
- $103,601
- Interest + MI left
- $364,500
- First ends
- Jan 2056
Assumption
Assumption + second
$2,647/mo
+$410/mo- Down payment
- $40,886
- Funds due
- $53,965
- Interest + MI left
- $461,228
- First ends
- Jan 2056
New loan
New conventional
$2,814/mo
+$577/mo- Down payment
- $40,886
- Funds due
- $50,017
- Interest + MI left
- $524,866
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,014 | $308,014 | $359,014 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,926.97 | $1,926.97 | $2,432.09 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $71.80 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,236.97 | $2,647.33 | $2,813.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,886
Closing costs & prepaids$13,079
Usable credit−$0
Total buyer cash needed$53,965
Earnest money paid−$0
Remaining funds due$53,965
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,540.07
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)$480.00
Prepaid interest, first (9 days)$478.48
Prepaid interest, second (9 days)$113.18
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 1 moOf the original 30-year loan at 6.3%
Interest already paid$17,893Through Dec 2026
Assumption only · ends Jan 2056$364,500
Assumption + second · ends Jan 2056, second Jan 2057$461,228
New conventional · ends Jan 2057$524,866