Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,965/mo
Lowest payment- Down payment
- $165,852
- Funds due
- $176,465
- Interest + MI left
- $24,302
- First ends
- Dec 2035
Assumption
Assumption + second
$2,993/mo
+$1,027/mo- Down payment
- $25,852
- Funds due
- $37,746
- Interest + MI left
- $254,119
- First ends
- Dec 2035
New loan
New conventional
$2,567/mo
+$602/mo- Down payment
- $25,852
- Funds due
- $35,025
- Interest + MI left
- $339,846
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,148 | $84,148 | $224,148 |
| Second mortgage | — | $140,000 | — |
| First P&I | $994.95 | $994.95 | $1,551.96 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | — | — | $44.83 |
| Taxes, insurance & HOA | $970.33 | $970.33 | $970.33 |
| Total housing payment | $1,965.28 | $2,992.55 | $2,567.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,852
Closing costs & prepaids$11,894
Usable credit−$0
Total buyer cash needed$37,746
Earnest money paid−$0
Remaining funds due$37,746
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$420.74
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)$1,063.00
Initial HOA (3 months)$1,398.00
Prepaid interest, first (1 days)$13.37
Prepaid interest, second (1 days)$30.68
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 closing9 yr 1 moOf the original 30-year loan at 5.800%
Interest already paid$164,312Through Nov 2026
Assumption only · ends Dec 2035$24,302
Assumption + second · ends Dec 2035, second Dec 2056$254,119
New conventional · ends Dec 2056$339,846