Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$23,040/mo
+$20,312/mo- Down payment
- $180,527
- Funds due
- $191,048
- Interest + MI left
- $5,321
- First ends
- Aug 2027
Assumption
Assumption + second
$24,081/mo
+$21,354/mo- Down payment
- $38,527
- Funds due
- $50,361
- Interest + MI left
- $238,421
- First ends
- Aug 2027
New loan
New conventional
$2,728/mo
Lowest payment- Down payment
- $38,527
- Funds due
- $46,942
- Interest + MI left
- $517,647
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,373 | $199,373 | $341,373 |
| Second mortgage | — | $142,000 | — |
| First P&I | $22,743.69 | $22,743.69 | $2,363.60 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $68.27 |
| Taxes, insurance & HOA | $295.83 | $295.83 | $295.83 |
| Total housing payment | $23,039.52 | $24,081.47 | $2,727.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,527
Closing costs & prepaids$11,833
Usable credit−$0
Total buyer cash needed$50,361
Earnest money paid−$0
Remaining funds due$50,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$996.86
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)$437.50
Prepaid interest, first (2 days)$69.48
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 closing9 moOf the original 1-year loan at 6.360%
Interest already paid$3,854Through Nov 2026
Assumption only · ends Aug 2027$5,321
Assumption + second · ends Aug 2027, second Dec 2056$238,421
New conventional · ends Dec 2056$517,647