Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,052/mo
Lowest payment- Down payment
- $186,232
- Funds due
- $198,065
- Interest + MI left
- $276,596
- First ends
- Jan 2053
Assumption
Assumption + second
$3,101/mo
+$1,049/mo- Down payment
- $43,232
- Funds due
- $56,597
- Interest + MI left
- $511,338
- First ends
- Jan 2053
New loan
New conventional
$3,068/mo
+$1,016/mo- Down payment
- $43,232
- Funds due
- $52,915
- Interest + MI left
- $558,117
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,758 | $238,758 | $381,758 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,646.50 | $1,646.50 | $2,586.16 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $76.35 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $2,051.50 | $3,100.78 | $3,067.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,232
Closing costs & prepaids$13,365
Usable credit−$0
Total buyer cash needed$56,597
Earnest money paid−$0
Remaining funds due$56,597
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,193.79
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)$510.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$406.22
Prepaid interest, second (9 days)$282.08
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 6.9%
Interest already paid$66,144Through Dec 2026
Assumption only · ends Jan 2053$276,596
Assumption + second · ends Jan 2053, second Jan 2057$511,338
New conventional · ends Jan 2057$558,117