Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,832/mo
Lowest payment- Down payment
- $360,805
- Funds due
- $374,341
- Interest + MI left
- $265,443
- First ends
- Feb 2056
Assumption
Assumption + second
$3,989/mo
+$2,156/mo- Down payment
- $59,805
- Funds due
- $74,975
- Interest + MI left
- $740,747
- First ends
- Feb 2056
New loan
New conventional
$4,137/mo
+$2,305/mo- Down payment
- $59,805
- Funds due
- $71,178
- Interest + MI left
- $782,544
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,195 | $234,195 | $535,195 |
| Second mortgage | — | $301,000 | — |
| First P&I | $1,427.54 | $1,427.54 | $3,625.60 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | — | — | $107.04 |
| Taxes, insurance & HOA | $404.67 | $404.67 | $404.67 |
| Total housing payment | $1,832.20 | $3,988.61 | $4,137.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,805
Closing costs & prepaids$15,170
Usable credit−$0
Total buyer cash needed$74,975
Earnest money paid−$0
Remaining funds due$74,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,170.98
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$714.00
Prepaid interest, first (6 days)$233.30
Prepaid interest, second (6 days)$383.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2 moOf the original 30-year loan at 6.06%
Interest already paid$11,894Through Dec 2026
Assumption only · ends Feb 2056$265,443
Assumption + second · ends Feb 2056, second Jan 2057$740,747
New conventional · ends Jan 2057$782,544