Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,636/mo
Lowest payment- Down payment
- $115,359
- Funds due
- $125,384
- Interest + MI left
- $275,208
- First ends
- Feb 2056
Assumption
Assumption + second
$2,280/mo
+$644/mo- Down payment
- $35,359
- Funds due
- $46,653
- Interest + MI left
- $426,940
- First ends
- Feb 2056
New loan
New conventional
$2,420/mo
+$785/mo- Down payment
- $35,359
- Funds due
- $43,092
- Interest + MI left
- $475,595
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,641 | $233,641 | $313,641 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,449.71 | $1,449.71 | $2,171.59 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $62.73 |
| Taxes, insurance & HOA | $186.17 | $186.17 | $186.17 |
| Total housing payment | $1,635.88 | $2,279.58 | $2,420.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,359
Closing costs & prepaids$11,294
Usable credit−$0
Total buyer cash needed$46,653
Earnest money paid−$0
Remaining funds due$46,653
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,168.20
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)$108.50
Prepaid interest, first (1 days)$39.94
Prepaid interest, second (1 days)$19.73
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 6.240%
Interest already paid$10,988Through Nov 2026
Assumption only · ends Feb 2056$275,208
Assumption + second · ends Feb 2056, second Dec 2056$426,940
New conventional · ends Dec 2056$475,595