Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,507/mo
Lowest payment- Down payment
- $131,338
- Funds due
- $143,169
- Interest + MI left
- $168,343
- First ends
- Aug 2060
Assumption
Assumption + second
$2,207/mo
+$700/mo- Down payment
- $44,338
- Funds due
- $57,548
- Interest + MI left
- $333,351
- First ends
- Aug 2060
New loan
New conventional
$3,085/mo
+$1,579/mo- Down payment
- $44,338
- Funds due
- $53,715
- Interest + MI left
- $578,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,662 | $308,662 | $395,662 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,180.71 | $1,180.71 | $2,680.35 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $79.13 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $1,506.71 | $2,206.73 | $3,085.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,338
Closing costs & prepaids$13,210
Usable credit−$0
Total buyer cash needed$57,548
Earnest money paid−$0
Remaining funds due$57,548
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,543.31
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)$528.00
Prepaid interest, first (6 days)$142.07
Prepaid interest, second (6 days)$128.71
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 closing33 yr 8 moOf the original 40-year loan at 2.8%
Interest already paid$57,698Through Dec 2026
Assumption only · ends Aug 2060$168,343
Assumption + second · ends Aug 2060, second Jan 2057$333,351
New conventional · ends Jan 2057$578,523