Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,449/mo
Lowest payment- Down payment
- $65,698
- Funds due
- $76,937
- Interest + MI left
- $434,918
- First ends
- Aug 2056
Assumption
Assumption + second
$2,699/mo
+$249/mo- Down payment
- $34,698
- Funds due
- $47,225
- Interest + MI left
- $493,714
- First ends
- Aug 2056
New loan
New conventional
$2,607/mo
+$158/mo- Down payment
- $34,698
- Funds due
- $43,410
- Interest + MI left
- $453,567
- 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 | $310,202 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,005.95 | $2,005.95 | $2,101.42 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $62.04 |
| Taxes, insurance & HOA | $443.17 | $443.17 | $443.17 |
| Total housing payment | $2,449.12 | $2,698.55 | $2,606.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,698
Closing costs & prepaids$12,527
Usable credit−$0
Total buyer cash needed$47,225
Earnest money paid−$0
Remaining funds due$47,225
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
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)$879.50
Prepaid interest, first (5 days)$296.41
Prepaid interest, second (5 days)$38.22
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$493,714
New conventional · ends Jan 2057$453,567