Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,483/mo
Lowest payment- Down payment
- $105,798
- Funds due
- $117,540
- Interest + MI left
- $434,918
- First ends
- Aug 2056
Assumption
Assumption + second
$3,022/mo
+$539/mo- Down payment
- $38,798
- Funds due
- $51,873
- Interest + MI left
- $561,993
- First ends
- Aug 2056
New loan
New conventional
$2,892/mo
+$409/mo- Down payment
- $38,798
- Funds due
- $48,007
- Interest + MI left
- $506,205
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,202 | $279,202 | $346,202 |
| Second mortgage | — | $67,000 | — |
| First P&I | $2,005.95 | $2,005.95 | $2,345.29 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $69.24 |
| Taxes, insurance & HOA | $477.25 | $477.25 | $477.25 |
| Total housing payment | $2,483.20 | $3,022.30 | $2,891.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,798
Closing costs & prepaids$13,075
Usable credit−$0
Total buyer cash needed$51,873
Earnest money paid−$0
Remaining funds due$51,873
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,396.01
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)$981.75
Prepaid interest, first (5 days)$296.41
Prepaid interest, second (5 days)$82.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 7.75%
Interest already paid$7,226Through Dec 2026
Assumption only · ends Aug 2056$434,918
Assumption + second · ends Aug 2056, second Jan 2057$561,993
New conventional · ends Jan 2057$506,205