Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,863/mo
Lowest payment- Down payment
- $86,424
- Funds due
- $99,858
- Interest + MI left
- $361,462
- First ends
- Jan 2056
Assumption
Assumption + second
$3,233/mo
+$370/mo- Down payment
- $40,424
- Funds due
- $55,176
- Interest + MI left
- $448,707
- First ends
- Jan 2056
New loan
New conventional
$3,432/mo
+$569/mo- Down payment
- $40,424
- Funds due
- $51,203
- Interest + MI left
- $524,297
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,576 | $312,576 | $358,576 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,931.34 | $1,931.34 | $2,429.12 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $71.72 |
| Taxes, insurance & HOA | $931.58 | $931.58 | $931.58 |
| Total housing payment | $2,862.92 | $3,233.05 | $3,432.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,424
Closing costs & prepaids$14,751
Usable credit−$0
Total buyer cash needed$55,176
Earnest money paid−$0
Remaining funds due$55,176
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,562.88
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)$478.75
Initial HOA (3 months)$1,866.00
Prepaid interest, first (6 days)$317.54
Prepaid interest, second (6 days)$68.05
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 1 moOf the original 30-year loan at 6.18%
Interest already paid$17,814Through Dec 2026
Assumption only · ends Jan 2056$361,462
Assumption + second · ends Jan 2056, second Jan 2057$448,707
New conventional · ends Jan 2057$524,297