Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$985/mo
Lowest payment- Down payment
- $192,038
- Funds due
- $201,207
- Interest + MI left
- $12,861
- First ends
- Aug 2038
Assumption
Assumption + second
$2,225/mo
+$1,240/mo- Down payment
- $23,038
- Funds due
- $33,494
- Interest + MI left
- $290,283
- First ends
- Aug 2038
New loan
New conventional
$2,099/mo
+$1,114/mo- Down payment
- $23,038
- Funds due
- $31,055
- Interest + MI left
- $306,249
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,962 | $32,962 | $201,962 |
| Second mortgage | — | $169,000 | — |
| First P&I | $324.99 | $324.99 | $1,398.34 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $40.39 |
| Taxes, insurance & HOA | $660.42 | $660.42 | $660.42 |
| Total housing payment | $985.40 | $2,225.46 | $2,099.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,038
Closing costs & prepaids$10,456
Usable credit−$0
Total buyer cash needed$33,494
Earnest money paid−$0
Remaining funds due$33,494
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$164.81
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)$319.25
Initial HOA (3 months)$1,212.00
Prepaid interest, first (1 days)$5.35
Prepaid interest, second (1 days)$37.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing11 yr 9 moOf the original 30-year loan at 5.920%
Interest already paid$49,461Through Nov 2026
Assumption only · ends Aug 2038$12,861
Assumption + second · ends Aug 2038, second Dec 2056$290,283
New conventional · ends Dec 2056$306,249