Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,998/mo
Lowest payment- Down payment
- $129,152
- Funds due
- $143,037
- Interest + MI left
- $492,131
- First ends
- Jan 2056
Assumption
Assumption + second
$3,594/mo
+$595/mo- Down payment
- $55,152
- Funds due
- $70,324
- Interest + MI left
- $632,482
- First ends
- Jan 2056
New loan
New conventional
$3,915/mo
+$917/mo- Down payment
- $55,152
- Funds due
- $65,646
- Interest + MI left
- $750,470
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,848 | $420,848 | $494,848 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,608.51 | $2,608.51 | $3,426.23 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $98.97 |
| Taxes, insurance & HOA | $389.83 | $389.83 | $389.83 |
| Total housing payment | $2,998.34 | $3,593.77 | $3,915.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,152
Closing costs & prepaids$15,172
Usable credit−$0
Total buyer cash needed$70,324
Earnest money paid−$0
Remaining funds due$70,324
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,104.24
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)$669.50
Prepaid interest, first (2 days)$143.43
Prepaid interest, second (2 days)$36.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.220%
Interest already paid$21,933Through Nov 2026
Assumption only · ends Jan 2056$492,131
Assumption + second · ends Jan 2056, second Dec 2056$632,482
New conventional · ends Dec 2056$750,470