Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,987/mo
Lowest payment- Down payment
- $44,982
- Funds due
- $55,277
- Interest + MI left
- $333,062
- First ends
- Jun 2056
Assumption
Assumption + second
$2,273/mo
+$285/mo- Down payment
- $16,982
- Funds due
- $28,545
- Interest + MI left
- $407,778
- First ends
- Jun 2056
New loan
New conventional
$2,455/mo
+$467/mo- Down payment
- $16,982
- Funds due
- $24,944
- Interest + MI left
- $468,732
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,018 | $280,018 | $308,018 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,726.99 | $1,726.99 | $2,132.65 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $61.60 |
| Taxes, insurance & HOA | $260.50 | $260.50 | $260.50 |
| Total housing payment | $1,987.49 | $2,272.81 | $2,454.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,982
Closing costs & prepaids$11,563
Usable credit−$0
Total buyer cash needed$28,545
Earnest money paid−$0
Remaining funds due$28,545
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,400.09
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)$331.50
Prepaid interest, first (2 days)$95.44
Prepaid interest, second (2 days)$18.22
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 7 moOf the original 30-year loan at 6.220%
Interest already paid$7,278Through Nov 2026
Assumption only · ends Jun 2056$333,062
Assumption + second · ends Jun 2056, second Dec 2056$407,778
New conventional · ends Dec 2056$468,732