Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,874/mo
Lowest payment- Down payment
- $55,210
- Funds due
- $67,181
- Interest + MI left
- $348,486
- First ends
- Jan 2050
Assumption
Assumption + second
$3,200/mo
+$326/mo- Down payment
- $23,210
- Funds due
- $36,452
- Interest + MI left
- $433,875
- First ends
- Jan 2050
New loan
New conventional
$3,237/mo
+$363/mo- Down payment
- $23,210
- Funds due
- $32,226
- Interest + MI left
- $647,953
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,790 | $393,790 | $425,790 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,670.06 | $2,670.06 | $2,948.08 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $85.16 |
| Taxes, insurance & HOA | $203.50 | $203.50 | $203.50 |
| Total housing payment | $2,873.56 | $3,199.64 | $3,236.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,210
Closing costs & prepaids$13,242
Usable credit−$0
Total buyer cash needed$36,452
Earnest money paid−$0
Remaining funds due$36,452
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,968.95
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)$160.50
Prepaid interest, first (2 days)$133.56
Prepaid interest, second (2 days)$20.82
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 closing23 yr 2 moOf the original 24-year loan at 6.190%
Interest already paid$20,491Through Nov 2026
Assumption only · ends Jan 2050$348,486
Assumption + second · ends Jan 2050, second Dec 2056$433,875
New conventional · ends Dec 2056$647,953