Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,203/mo
Lowest payment- Down payment
- $260,000
- Funds due
- $268,771
- Interest + MI left
- $0
- First ends
- Sep 2026
Assumption
Assumption + second
$2,873/mo
+$1,669/mo- Down payment
- $27,000
- Funds due
- $37,070
- Interest + MI left
- $367,927
- First ends
- Sep 2026
New loan
New conventional
$2,128/mo
+$924/mo- Down payment
- $27,000
- Funds due
- $34,755
- Interest + MI left
- $353,267
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $233,000 |
| Second mortgage | — | $233,000 | — |
| First P&I | $735.67 | $735.67 | $1,613.24 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $46.60 |
| Taxes, insurance & HOA | $467.67 | $467.67 | $467.67 |
| Total housing payment | $1,203.33 | $2,872.57 | $2,127.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,000
Closing costs & prepaids$10,070
Usable credit−$0
Total buyer cash needed$37,070
Earnest money paid−$0
Remaining funds due$37,070
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$0.00
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)$203.00
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$0.00
Prepaid interest, second (1 days)$49.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing0 moOf the original 30-year loan at 8.140%
Interest already paid$165,900Through Sep 2026
Assumption only · ends Sep 2026$0
Assumption + second · ends Sep 2026, second Dec 2056$367,927
New conventional · ends Dec 2056$353,267