Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$995/mo
Lowest payment- Down payment
- $76,622
- Funds due
- $83,893
- Interest + MI left
- $18,903
- First ends
- Jan 2036
Assumption
Assumption + second
$1,494/mo
+$499/mo- Down payment
- $14,622
- Funds due
- $23,173
- Interest + MI left
- $136,495
- First ends
- Jan 2036
New loan
New conventional
$1,144/mo
+$149/mo- Down payment
- $14,622
- Funds due
- $20,676
- Interest + MI left
- $187,012
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $61,378 | $61,378 | $123,378 |
| Second mortgage | — | $62,000 | — |
| First P&I | $729.82 | $729.82 | $854.24 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $24.68 |
| Taxes, insurance & HOA | $265.00 | $265.00 | $265.00 |
| Total housing payment | $994.82 | $1,493.69 | $1,143.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,622
Closing costs & prepaids$8,551
Usable credit−$0
Total buyer cash needed$23,173
Earnest money paid−$0
Remaining funds due$23,173
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$306.89
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)$345.00
Prepaid interest, first (2 days)$20.52
Prepaid interest, second (2 days)$30.58
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 yr 2 moOf the original 30-year loan at 6.100%
Interest already paid$123,400Through Nov 2026
Assumption only · ends Jan 2036$18,903
Assumption + second · ends Jan 2036, second Dec 2056$136,495
New conventional · ends Dec 2056$187,012