Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,054/mo
Lowest payment- Down payment
- $183,993
- Funds due
- $195,946
- Interest + MI left
- $291,547
- First ends
- Mar 2056
Assumption
Assumption + second
$3,081/mo
+$1,027/mo- Down payment
- $43,993
- Funds due
- $57,227
- Interest + MI left
- $521,365
- First ends
- Mar 2056
New loan
New conventional
$3,298/mo
+$1,244/mo- Down payment
- $43,993
- Funds due
- $53,495
- Interest + MI left
- $592,910
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,007 | $251,007 | $391,007 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,541.35 | $1,541.35 | $2,707.25 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | — | — | $78.20 |
| Taxes, insurance & HOA | $512.50 | $512.50 | $512.50 |
| Total housing payment | $2,053.85 | $3,081.12 | $3,297.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,993
Closing costs & prepaids$13,234
Usable credit−$0
Total buyer cash needed$57,227
Earnest money paid−$0
Remaining funds due$57,227
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,255.03
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)$1,087.50
Prepaid interest, first (1 days)$42.29
Prepaid interest, second (1 days)$30.68
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 4 moOf the original 30-year loan at 6.150%
Interest already paid$10,338Through Nov 2026
Assumption only · ends Mar 2056$291,547
Assumption + second · ends Mar 2056, second Dec 2056$521,365
New conventional · ends Dec 2056$592,910