Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,226/mo
Lowest payment- Down payment
- $123,281
- Funds due
- $131,265
- Interest + MI left
- $4,268
- First ends
- Jun 2030
Assumption
Assumption + second
$2,018/mo
+$792/mo- Down payment
- $15,281
- Funds due
- $24,562
- Interest + MI left
- $181,555
- First ends
- Jun 2030
New loan
New conventional
$1,481/mo
+$255/mo- Down payment
- $15,281
- Funds due
- $22,232
- Interest + MI left
- $202,767
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $25,719 | $25,719 | $133,719 |
| Second mortgage | — | $108,000 | — |
| First P&I | $697.36 | $697.36 | $925.84 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $26.74 |
| Taxes, insurance & HOA | $528.17 | $528.17 | $528.17 |
| Total housing payment | $1,225.52 | $2,017.99 | $1,480.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,281
Closing costs & prepaids$9,281
Usable credit−$0
Total buyer cash needed$24,562
Earnest money paid−$0
Remaining funds due$24,562
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$128.59
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)$372.50
Initial HOA (3 months)$762.00
Prepaid interest, first (2 days)$12.15
Prepaid interest, second (2 days)$47.34
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 closing3 yr 7 moOf the original 30-year loan at 8.620%
Interest already paid$157,081Through Nov 2026
Assumption only · ends Jun 2030$4,268
Assumption + second · ends Jun 2030, second Dec 2056$181,555
New conventional · ends Dec 2056$202,767