Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,829/mo
Lowest payment- Down payment
- $60,953
- Funds due
- $73,820
- Interest + MI left
- $443,400
- First ends
- Jun 2056
Assumption
Assumption + second
$3,226/mo
+$397/mo- Down payment
- $21,953
- Funds due
- $36,133
- Interest + MI left
- $547,468
- First ends
- Jun 2056
New loan
New conventional
$3,400/mo
+$572/mo- Down payment
- $21,953
- Funds due
- $32,024
- Interest + MI left
- $606,173
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,047 | $374,047 | $413,047 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,309.17 | $2,309.17 | $2,798.12 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $82.61 |
| Taxes, insurance & HOA | $519.75 | $519.75 | $519.75 |
| Total housing payment | $2,828.92 | $3,226.33 | $3,400.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,953
Closing costs & prepaids$14,180
Usable credit−$0
Total buyer cash needed$36,133
Earnest money paid−$0
Remaining funds due$36,133
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%)$1,870.23
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)$1,109.25
Prepaid interest, first (5 days)$318.71
Prepaid interest, second (5 days)$63.44
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 6 moOf the original 30-year loan at 6.22%
Interest already paid$11,673Through Dec 2026
Assumption only · ends Jun 2056$443,400
Assumption + second · ends Jun 2056, second Jan 2057$547,468
New conventional · ends Jan 2057$606,173