Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,492/mo
Lowest payment- Down payment
- $57,822
- Funds due
- $69,752
- Interest + MI left
- $412,443
- First ends
- Mar 2056
Assumption
Assumption + second
$2,869/mo
+$377/mo- Down payment
- $20,822
- Funds due
- $34,074
- Interest + MI left
- $511,174
- First ends
- Mar 2056
New loan
New conventional
$3,028/mo
+$536/mo- Down payment
- $20,822
- Funds due
- $30,090
- Interest + MI left
- $571,144
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,178 | $352,178 | $389,178 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,178.41 | $2,178.41 | $2,636.43 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $77.84 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $2,492.41 | $2,869.44 | $3,028.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,822
Closing costs & prepaids$13,253
Usable credit−$0
Total buyer cash needed$34,074
Earnest money paid−$0
Remaining funds due$34,074
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,760.89
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)$492.00
Prepaid interest, first (6 days)$359.51
Prepaid interest, second (6 days)$72.23
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 6.21%
Interest already paid$16,484Through Dec 2026
Assumption only · ends Mar 2056$412,443
Assumption + second · ends Mar 2056, second Jan 2057$511,174
New conventional · ends Jan 2057$571,144