Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,732/mo
Lowest payment- Down payment
- $247,096
- Funds due
- $261,625
- Interest + MI left
- $380,642
- First ends
- Aug 2056
Assumption
Assumption + second
$4,141/mo
+$1,409/mo- Down payment
- $55,096
- Funds due
- $70,959
- Interest + MI left
- $695,820
- First ends
- Aug 2056
New loan
New conventional
$4,334/mo
+$1,602/mo- Down payment
- $55,096
- Funds due
- $66,869
- Interest + MI left
- $747,522
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,904 | $300,904 | $492,904 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,909.09 | $1,909.09 | $3,412.77 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $98.58 |
| Taxes, insurance & HOA | $823.08 | $823.08 | $823.08 |
| Total housing payment | $2,732.18 | $4,141.00 | $4,334.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,096
Closing costs & prepaids$15,863
Usable credit−$0
Total buyer cash needed$70,959
Earnest money paid−$0
Remaining funds due$70,959
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,504.52
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)$1,969.25
Prepaid interest, first (2 days)$107.34
Prepaid interest, second (2 days)$84.16
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 9 moOf the original 30-year loan at 6.510%
Interest already paid$4,906Through Nov 2026
Assumption only · ends Aug 2056$380,642
Assumption + second · ends Aug 2056, second Dec 2056$695,820
New conventional · ends Dec 2056$747,522