Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,860/mo
Lowest payment- Down payment
- $353,217
- Funds due
- $366,677
- Interest + MI left
- $276,081
- First ends
- Feb 2056
Assumption
Assumption + second
$3,966/mo
+$2,106/mo- Down payment
- $59,217
- Funds due
- $74,302
- Interest + MI left
- $740,332
- First ends
- Feb 2056
New loan
New conventional
$4,086/mo
+$2,226/mo- Down payment
- $59,217
- Funds due
- $70,503
- Interest + MI left
- $772,437
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,283 | $234,283 | $528,283 |
| Second mortgage | — | $294,000 | — |
| First P&I | $1,458.18 | $1,458.18 | $3,578.77 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | — | — | $105.66 |
| Taxes, insurance & HOA | $401.67 | $401.67 | $401.67 |
| Total housing payment | $1,859.85 | $3,966.10 | $4,086.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,217
Closing costs & prepaids$15,085
Usable credit−$0
Total buyer cash needed$74,302
Earnest money paid−$0
Remaining funds due$74,302
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,875.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,171.42
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)$705.00
Prepaid interest, first (6 days)$241.09
Prepaid interest, second (6 days)$374.55
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 6.26%
Interest already paid$12,288Through Dec 2026
Assumption only · ends Feb 2056$276,081
Assumption + second · ends Feb 2056, second Jan 2057$740,332
New conventional · ends Jan 2057$772,437