Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,157/mo
Lowest payment- Down payment
- $153,876
- Funds due
- $168,973
- Interest + MI left
- $519,322
- First ends
- Mar 2056
Assumption
Assumption + second
$3,905/mo
+$748/mo- Down payment
- $60,876
- Funds due
- $77,429
- Interest + MI left
- $695,710
- First ends
- Mar 2056
New loan
New conventional
$4,166/mo
+$1,009/mo- Down payment
- $60,876
- Funds due
- $72,616
- Interest + MI left
- $788,142
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,024 | $446,024 | $539,024 |
| Second mortgage | — | $93,000 | — |
| First P&I | $2,750.27 | $2,750.27 | $3,651.54 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $107.80 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $3,156.94 | $3,905.24 | $4,166.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,876
Closing costs & prepaids$16,553
Usable credit−$0
Total buyer cash needed$77,429
Earnest money paid−$0
Remaining funds due$77,429
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,230.12
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)$720.00
Prepaid interest, first (9 days)$679.67
Prepaid interest, second (9 days)$206.38
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 6.18%
Interest already paid$20,776Through Dec 2026
Assumption only · ends Mar 2056$519,322
Assumption + second · ends Mar 2056, second Jan 2057$695,710
New conventional · ends Jan 2057$788,142