Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$230/mo
Lowest payment- Down payment
- $178,009
- Funds due
- $185,252
- Interest + MI left
- $628
- First ends
- Jan 2053
Assumption
Assumption + second
$1,404/mo
+$1,174/mo- Down payment
- $18,009
- Funds due
- $26,818
- Interest + MI left
- $263,277
- First ends
- Jan 2053
New loan
New conventional
$1,351/mo
+$1,121/mo- Down payment
- $18,009
- Funds due
- $24,556
- Interest + MI left
- $236,711
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,891 | $1,891 | $161,891 |
| Second mortgage | — | $160,000 | — |
| First P&I | $8.05 | $8.05 | $1,096.71 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $32.38 |
| Taxes, insurance & HOA | $222.00 | $222.00 | $222.00 |
| Total housing payment | $230.05 | $1,404.07 | $1,351.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,009
Closing costs & prepaids$8,809
Usable credit−$0
Total buyer cash needed$26,818
Earnest money paid−$0
Remaining funds due$26,818
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$9.46
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)$216.00
Prepaid interest, first (9 days)$1.08
Prepaid interest, second (9 days)$315.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.31%
Interest already paid$180Through Dec 2026
Assumption only · ends Jan 2053$628
Assumption + second · ends Jan 2053, second Jan 2057$263,277
New conventional · ends Jan 2057$236,711