Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,595/mo
Lowest payment- Down payment
- $137,971
- Funds due
- $150,741
- Interest + MI left
- $447,887
- First ends
- Feb 2056
Assumption
Assumption + second
$3,295/mo
+$700/mo- Down payment
- $50,971
- Funds due
- $65,034
- Interest + MI left
- $612,895
- First ends
- Feb 2056
New loan
New conventional
$3,486/mo
+$891/mo- Down payment
- $50,971
- Funds due
- $60,681
- Interest + MI left
- $680,893
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,029 | $362,029 | $449,029 |
| Second mortgage | — | $87,000 | — |
| First P&I | $2,307.45 | $2,307.45 | $3,108.99 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $89.81 |
| Taxes, insurance & HOA | $287.42 | $287.42 | $287.42 |
| Total housing payment | $2,594.87 | $3,294.89 | $3,486.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,971
Closing costs & prepaids$14,062
Usable credit−$0
Total buyer cash needed$65,034
Earnest money paid−$0
Remaining funds due$65,034
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%)$1,810.14
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)$362.25
Prepaid interest, first (2 days)$128.94
Prepaid interest, second (2 days)$42.90
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 6.500%
Interest already paid$17,732Through Nov 2026
Assumption only · ends Feb 2056$447,887
Assumption + second · ends Feb 2056, second Dec 2056$612,895
New conventional · ends Dec 2056$680,893