Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,524/mo
Lowest payment- Down payment
- $40,012
- Funds due
- $48,822
- Interest + MI left
- $201,680
- First ends
- Dec 2052
Assumption
Assumption + second
$1,820/mo
+$296/mo- Down payment
- $11,012
- Funds due
- $21,090
- Interest + MI left
- $279,063
- First ends
- Dec 2052
New loan
New conventional
$1,766/mo
+$242/mo- Down payment
- $11,012
- Funds due
- $18,070
- Interest + MI left
- $307,227
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,888 | $172,888 | $201,888 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,196.70 | $1,196.70 | $1,397.83 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $40.38 |
| Taxes, insurance & HOA | $327.42 | $327.42 | $327.42 |
| Total housing payment | $1,524.12 | $1,819.63 | $1,765.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,012
Closing costs & prepaids$10,078
Usable credit−$0
Total buyer cash needed$21,090
Earnest money paid−$0
Remaining funds due$21,090
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,129.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$864.44
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)$532.25
Prepaid interest, first (2 days)$65.74
Prepaid interest, second (2 days)$18.87
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 closing26 yr 1 moOf the original 30-year loan at 6.940%
Interest already paid$48,165Through Nov 2026
Assumption only · ends Dec 2052$201,680
Assumption + second · ends Dec 2052, second Dec 2056$279,063
New conventional · ends Dec 2056$307,227