Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,318/mo
Lowest payment- Down payment
- $148,179
- Funds due
- $160,468
- Interest + MI left
- $400,625
- First ends
- Jul 2056
Assumption
Assumption + second
$3,051/mo
+$734/mo- Down payment
- $48,179
- Funds due
- $61,761
- Interest + MI left
- $564,780
- First ends
- Jul 2056
New loan
New conventional
$3,315/mo
+$997/mo- Down payment
- $48,179
- Funds due
- $57,618
- Interest + MI left
- $647,217
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,821 | $326,821 | $426,821 |
| Second mortgage | — | $100,000 | — |
| First P&I | $2,043.39 | $2,043.39 | $2,955.22 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $85.36 |
| Taxes, insurance & HOA | $274.33 | $274.33 | $274.33 |
| Total housing payment | $2,317.72 | $3,051.49 | $3,314.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,179
Closing costs & prepaids$13,583
Usable credit−$0
Total buyer cash needed$61,761
Earnest money paid−$0
Remaining funds due$61,761
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,634.11
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)$323.00
Prepaid interest, first (2 days)$113.90
Prepaid interest, second (2 days)$43.84
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 8 moOf the original 30-year loan at 6.360%
Interest already paid$6,945Through Nov 2026
Assumption only · ends Jul 2056$400,625
Assumption + second · ends Jul 2056, second Dec 2056$564,780
New conventional · ends Dec 2056$647,217