Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,472/mo
Lowest payment- Down payment
- $132,441
- Funds due
- $141,033
- Interest + MI left
- $35,680
- First ends
- Aug 2036
Assumption
Assumption + second
$2,264/mo
+$792/mo- Down payment
- $24,441
- Funds due
- $34,496
- Interest + MI left
- $212,968
- First ends
- Aug 2036
New loan
New conventional
$1,742/mo
+$270/mo- Down payment
- $24,441
- Funds due
- $31,678
- Interest + MI left
- $313,678
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,559 | $106,559 | $214,559 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,226.20 | $1,226.20 | $1,453.50 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $42.91 |
| Taxes, insurance & HOA | $245.58 | $245.58 | $245.58 |
| Total housing payment | $1,471.78 | $2,264.25 | $1,741.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,441
Closing costs & prepaids$10,055
Usable credit−$0
Total buyer cash needed$34,496
Earnest money paid−$0
Remaining funds due$34,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$532.79
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)$286.75
Prepaid interest, first (9 days)$164.22
Prepaid interest, second (9 days)$213.04
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 closing9 yr 8 moOf the original 30-year loan at 6.25%
Interest already paid$206,602Through Dec 2026
Assumption only · ends Aug 2036$35,680
Assumption + second · ends Aug 2036, second Jan 2057$212,968
New conventional · ends Jan 2057$313,678