Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,333/mo
Lowest payment- Down payment
- $251,215
- Funds due
- $260,549
- Interest + MI left
- $11,205
- First ends
- Oct 2032
Assumption
Assumption + second
$2,909/mo
+$1,576/mo- Down payment
- $31,215
- Funds due
- $41,893
- Interest + MI left
- $358,603
- First ends
- Oct 2032
New loan
New conventional
$2,362/mo
+$1,029/mo- Down payment
- $31,215
- Funds due
- $39,263
- Interest + MI left
- $416,523
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $54,685 | $54,685 | $274,685 |
| Second mortgage | — | $220,000 | — |
| First P&I | $928.03 | $928.03 | $1,901.86 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | — | — | $54.94 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,332.95 | $2,909.05 | $2,361.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,215
Closing costs & prepaids$10,678
Usable credit−$0
Total buyer cash needed$41,893
Earnest money paid−$0
Remaining funds due$41,893
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,059.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$273.43
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)$764.75
Prepaid interest, first (2 days)$19.27
Prepaid interest, second (2 days)$93.42
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 closing5 yr 11 moOf the original 30-year loan at 6.430%
Interest already paid$174,986Through Nov 2026
Assumption only · ends Oct 2032$11,205
Assumption + second · ends Oct 2032, second Dec 2056$358,603
New conventional · ends Dec 2056$416,523