Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,394/mo
Lowest payment- Down payment
- $133,490
- Funds due
- $146,084
- Interest + MI left
- $398,893
- First ends
- Jul 2056
Assumption
Assumption + second
$3,094/mo
+$700/mo- Down payment
- $46,490
- Funds due
- $60,462
- Interest + MI left
- $563,900
- First ends
- Jul 2056
New loan
New conventional
$3,235/mo
+$841/mo- Down payment
- $46,490
- Funds due
- $56,340
- Interest + MI left
- $604,620
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,510 | $326,510 | $413,510 |
| Second mortgage | — | $87,000 | — |
| First P&I | $2,043.39 | $2,043.39 | $2,801.26 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $82.70 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $2,394.05 | $3,094.08 | $3,234.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,490
Closing costs & prepaids$13,973
Usable credit−$0
Total buyer cash needed$60,462
Earnest money paid−$0
Remaining funds due$60,462
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,632.55
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)$552.00
Prepaid interest, first (6 days)$341.36
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 closing29 yr 7 moOf the original 30-year loan at 6.36%
Interest already paid$8,677Through Dec 2026
Assumption only · ends Jul 2056$398,893
Assumption + second · ends Jul 2056, second Jan 2057$563,900
New conventional · ends Jan 2057$604,620