Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,883/mo
Lowest payment- Down payment
- $119,990
- Funds due
- $133,555
- Interest + MI left
- $440,744
- First ends
- Feb 2056
Assumption
Assumption + second
$3,438/mo
+$555/mo- Down payment
- $50,990
- Funds due
- $65,822
- Interest + MI left
- $571,612
- First ends
- Feb 2056
New loan
New conventional
$3,743/mo
+$860/mo- Down payment
- $50,990
- Funds due
- $61,379
- Interest + MI left
- $680,864
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,010 | $380,010 | $449,010 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,338.33 | $2,338.33 | $3,108.85 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $89.80 |
| Taxes, insurance & HOA | $544.42 | $544.42 | $544.42 |
| Total housing payment | $2,882.75 | $3,437.94 | $3,743.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,990
Closing costs & prepaids$14,832
Usable credit−$0
Total buyer cash needed$65,822
Earnest money paid−$0
Remaining funds due$65,822
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,900.05
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)$1,133.25
Prepaid interest, first (1 days)$64.13
Prepaid interest, second (1 days)$17.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.160%
Interest already paid$17,644Through Nov 2026
Assumption only · ends Feb 2056$440,744
Assumption + second · ends Feb 2056, second Dec 2056$571,612
New conventional · ends Dec 2056$680,864