Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,007/mo
Lowest payment- Down payment
- $45,257
- Funds due
- $55,943
- Interest + MI left
- $331,611
- First ends
- Jun 2056
Assumption
Assumption + second
$2,302/mo
+$296/mo- Down payment
- $16,257
- Funds due
- $28,278
- Interest + MI left
- $408,995
- First ends
- Jun 2056
New loan
New conventional
$2,433/mo
+$426/mo- Down payment
- $16,257
- Funds due
- $24,706
- Interest + MI left
- $453,101
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,743 | $279,743 | $308,743 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,726.99 | $1,726.99 | $2,091.53 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $61.75 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $2,006.99 | $2,302.50 | $2,433.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,257
Closing costs & prepaids$12,021
Usable credit−$0
Total buyer cash needed$28,278
Earnest money paid−$0
Remaining funds due$28,278
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%)$1,398.71
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)$390.00
Prepaid interest, first (9 days)$429.04
Prepaid interest, second (9 days)$84.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 6.22%
Interest already paid$8,730Through Dec 2026
Assumption only · ends Jun 2056$331,611
Assumption + second · ends Jun 2056, second Jan 2057$408,995
New conventional · ends Jan 2057$453,101