Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$527/mo
Lowest payment- Down payment
- $159,325
- Funds due
- $166,436
- Interest + MI left
- $131
- First ends
- Jun 2028
Assumption
Assumption + second
$1,569/mo
+$1,042/mo- Down payment
- $17,325
- Funds due
- $25,748
- Interest + MI left
- $233,232
- First ends
- Jun 2028
New loan
New conventional
$1,273/mo
+$746/mo- Down payment
- $17,325
- Funds due
- $23,500
- Interest + MI left
- $223,870
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,675 | $5,675 | $147,675 |
| Second mortgage | — | $142,000 | — |
| First P&I | $305.59 | $305.59 | $1,022.47 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $29.54 |
| Taxes, insurance & HOA | $221.17 | $221.17 | $221.17 |
| Total housing payment | $526.76 | $1,568.71 | $1,273.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,325
Closing costs & prepaids$8,423
Usable credit−$0
Total buyer cash needed$25,748
Earnest money paid−$0
Remaining funds due$25,748
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$28.37
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)$213.50
Prepaid interest, first (2 days)$0.86
Prepaid interest, second (2 days)$62.25
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 closing1 yr 7 moOf the original 15-year loan at 2.760%
Interest already paid$9,875Through Nov 2026
Assumption only · ends Jun 2028$131
Assumption + second · ends Jun 2028, second Dec 2056$233,232
New conventional · ends Dec 2056$223,870