Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,571/mo
Lowest payment- Down payment
- $240,244
- Funds due
- $251,675
- Interest + MI left
- $240,277
- First ends
- Oct 2056
Assumption
Assumption + second
$3,017/mo
+$1,446/mo- Down payment
- $43,244
- Funds due
- $56,313
- Interest + MI left
- $563,663
- First ends
- Oct 2056
New loan
New conventional
$3,067/mo
+$1,496/mo- Down payment
- $43,244
- Funds due
- $52,881
- Interest + MI left
- $565,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,656 | $189,656 | $386,656 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,200.93 | $1,200.93 | $2,619.34 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $77.33 |
| Taxes, insurance & HOA | $370.33 | $370.33 | $370.33 |
| Total housing payment | $1,571.26 | $3,016.78 | $3,067.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,244
Closing costs & prepaids$13,069
Usable credit−$0
Total buyer cash needed$56,313
Earnest money paid−$0
Remaining funds due$56,313
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$948.28
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)$516.00
Initial HOA (3 months)$144.99
Prepaid interest, first (9 days)$303.97
Prepaid interest, second (9 days)$388.60
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 10 moOf the original 30-year loan at 6.5%
Interest already paid$2,057Through Dec 2026
Assumption only · ends Oct 2056$240,277
Assumption + second · ends Oct 2056, second Jan 2057$563,663
New conventional · ends Jan 2057$565,355