Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,748/mo
Lowest payment- Down payment
- $104,092
- Funds due
- $114,360
- Interest + MI left
- $288,854
- First ends
- Mar 2056
Assumption
Assumption + second
$2,304/mo
+$555/mo- Down payment
- $35,092
- Funds due
- $46,644
- Interest + MI left
- $419,722
- First ends
- Mar 2056
New loan
New conventional
$2,472/mo
+$724/mo- Down payment
- $35,092
- Funds due
- $43,031
- Interest + MI left
- $477,428
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,808 | $245,808 | $314,808 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,518.93 | $1,518.93 | $2,179.67 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $62.96 |
| Taxes, insurance & HOA | $229.50 | $229.50 | $229.50 |
| Total housing payment | $1,748.42 | $2,303.61 | $2,472.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,092
Closing costs & prepaids$11,552
Usable credit−$0
Total buyer cash needed$46,644
Earnest money paid−$0
Remaining funds due$46,644
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,229.04
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)$232.25
Initial HOA (3 months)$6.24
Prepaid interest, first (2 days)$83.64
Prepaid interest, second (2 days)$34.03
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 4 moOf the original 30-year loan at 6.210%
Interest already paid$10,222Through Nov 2026
Assumption only · ends Mar 2056$288,854
Assumption + second · ends Mar 2056, second Dec 2056$419,722
New conventional · ends Dec 2056$477,428