Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,751/mo
Lowest payment- Down payment
- $52,915
- Funds due
- $62,958
- Interest + MI left
- $195,713
- First ends
- Feb 2056
Assumption
Assumption + second
$1,992/mo
+$241/mo- Down payment
- $22,915
- Funds due
- $34,223
- Interest + MI left
- $252,612
- First ends
- Feb 2056
New loan
New conventional
$2,142/mo
+$392/mo- Down payment
- $22,915
- Funds due
- $31,101
- Interest + MI left
- $306,435
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,085 | $172,085 | $202,085 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,047.86 | $1,047.86 | $1,399.20 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $40.42 |
| Taxes, insurance & HOA | $702.67 | $702.67 | $702.67 |
| Total housing payment | $1,750.52 | $1,991.91 | $2,142.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,915
Closing costs & prepaids$11,308
Usable credit−$0
Total buyer cash needed$34,223
Earnest money paid−$0
Remaining funds due$34,223
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$860.43
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)$1,658.00
Prepaid interest, first (2 days)$57.14
Prepaid interest, second (2 days)$14.79
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 6.060%
Interest already paid$7,861Through Nov 2026
Assumption only · ends Feb 2056$195,713
Assumption + second · ends Feb 2056, second Dec 2056$252,612
New conventional · ends Dec 2056$306,435