Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,235/mo
Lowest payment- Down payment
- $71,045
- Funds due
- $85,002
- Interest + MI left
- $530,360
- First ends
- Mar 2056
Assumption
Assumption + second
$3,683/mo
+$448/mo- Down payment
- $27,045
- Funds due
- $42,280
- Interest + MI left
- $647,770
- First ends
- Mar 2056
New loan
New conventional
$3,986/mo
+$751/mo- Down payment
- $27,045
- Funds due
- $37,716
- Interest + MI left
- $757,772
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $453,955 | $453,955 | $497,955 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,796.35 | $2,796.35 | $3,447.74 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $99.59 |
| Taxes, insurance & HOA | $438.25 | $438.25 | $438.25 |
| Total housing payment | $3,234.60 | $3,682.96 | $3,985.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,045
Closing costs & prepaids$15,235
Usable credit−$0
Total buyer cash needed$42,280
Earnest money paid−$0
Remaining funds due$42,280
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,269.77
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)$814.75
Prepaid interest, first (2 days)$153.72
Prepaid interest, second (2 days)$28.63
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 4 moOf the original 30-year loan at 6.180%
Interest already paid$18,786Through Nov 2026
Assumption only · ends Mar 2056$530,360
Assumption + second · ends Mar 2056, second Dec 2056$647,770
New conventional · ends Dec 2056$757,772