Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,768/mo
Lowest payment- Down payment
- $61,266
- Funds due
- $73,958
- Interest + MI left
- $456,134
- First ends
- Mar 2056
Assumption
Assumption + second
$3,155/mo
+$387/mo- Down payment
- $23,266
- Funds due
- $37,282
- Interest + MI left
- $557,533
- First ends
- Mar 2056
New loan
New conventional
$3,337/mo
+$569/mo- Down payment
- $23,266
- Funds due
- $33,094
- Interest + MI left
- $626,175
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,734 | $388,734 | $426,734 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,407.03 | $2,407.03 | $2,890.84 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $85.35 |
| Taxes, insurance & HOA | $360.83 | $360.83 | $360.83 |
| Total housing payment | $2,767.86 | $3,155.08 | $3,337.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,266
Closing costs & prepaids$14,016
Usable credit−$0
Total buyer cash needed$37,282
Earnest money paid−$0
Remaining funds due$37,282
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,943.67
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)$540.00
Initial HOA (3 months)$92.49
Prepaid interest, first (6 days)$397.47
Prepaid interest, second (6 days)$74.18
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 3 moOf the original 30-year loan at 6.22%
Interest already paid$18,224Through Dec 2026
Assumption only · ends Mar 2056$456,134
Assumption + second · ends Mar 2056, second Jan 2057$557,533
New conventional · ends Jan 2057$626,175