Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,674/mo
Lowest payment- Down payment
- $111,863
- Funds due
- $122,042
- Interest + MI left
- $225,982
- First ends
- Jul 2055
Assumption
Assumption + second
$2,326/mo
+$652/mo- Down payment
- $30,863
- Funds due
- $42,332
- Interest + MI left
- $379,610
- First ends
- Jul 2055
New loan
New conventional
$2,383/mo
+$709/mo- Down payment
- $30,863
- Funds due
- $39,047
- Interest + MI left
- $406,541
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,137 | $187,137 | $268,137 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,200.93 | $1,200.93 | $1,856.53 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $53.63 |
| Taxes, insurance & HOA | $473.08 | $473.08 | $473.08 |
| Total housing payment | $1,674.01 | $2,325.76 | $2,383.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,863
Closing costs & prepaids$11,470
Usable credit−$0
Total buyer cash needed$42,332
Earnest money paid−$0
Remaining funds due$42,332
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$935.69
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)$333.25
Initial HOA (3 months)$636.00
Prepaid interest, first (2 days)$66.65
Prepaid interest, second (2 days)$39.95
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 closing28 yr 8 moOf the original 30-year loan at 6.500%
Interest already paid$16,352Through Nov 2026
Assumption only · ends Jul 2055$225,982
Assumption + second · ends Jul 2055, second Dec 2056$379,610
New conventional · ends Dec 2056$406,541