Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,239/mo
Lowest payment- Down payment
- $63,163
- Funds due
- $79,692
- Interest + MI left
- $666,568
- First ends
- Feb 2056
Assumption
Assumption + second
$4,555/mo
+$316/mo- Down payment
- $32,163
- Funds due
- $49,962
- Interest + MI left
- $749,288
- First ends
- Feb 2056
New loan
New conventional
$5,022/mo
+$783/mo- Down payment
- $32,163
- Funds due
- $44,750
- Interest + MI left
- $923,586
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $575,837 | $575,837 | $606,837 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,539.62 | $3,539.62 | $4,201.62 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $121.37 |
| Taxes, insurance & HOA | $699.17 | $699.17 | $699.17 |
| Total housing payment | $4,238.78 | $4,554.67 | $5,022.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,163
Closing costs & prepaids$17,799
Usable credit−$0
Total buyer cash needed$49,962
Earnest money paid−$0
Remaining funds due$49,962
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,879.19
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)$1,597.50
Prepaid interest, first (2 days)$194.05
Prepaid interest, second (2 days)$20.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.150%
Interest already paid$26,694Through Nov 2026
Assumption only · ends Feb 2056$666,568
Assumption + second · ends Feb 2056, second Dec 2056$749,288
New conventional · ends Dec 2056$923,586