Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,441/mo
Lowest payment- Down payment
- $55,798
- Funds due
- $66,913
- Interest + MI left
- $434,918
- First ends
- Aug 2056
Assumption
Assumption + second
$2,838/mo
+$397/mo- Down payment
- $16,798
- Funds due
- $29,226
- Interest + MI left
- $538,986
- First ends
- Aug 2056
New loan
New conventional
$2,654/mo
+$213/mo- Down payment
- $16,798
- Funds due
- $25,572
- Interest + MI left
- $466,982
- 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 | $318,202 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,005.95 | $2,005.95 | $2,155.61 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $63.64 |
| Taxes, insurance & HOA | $434.75 | $434.75 | $434.75 |
| Total housing payment | $2,440.70 | $2,838.11 | $2,654.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,798
Closing costs & prepaids$12,428
Usable credit−$0
Total buyer cash needed$29,226
Earnest money paid−$0
Remaining funds due$29,226
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
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)$854.25
Prepaid interest, first (5 days)$296.41
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 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$538,986
New conventional · ends Jan 2057$466,982