Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,496/mo
Lowest payment- Down payment
- $56,526
- Funds due
- $65,760
- Interest + MI left
- $231,094
- First ends
- Jan 2055
Assumption
Assumption + second
$1,746/mo
+$249/mo- Down payment
- $25,526
- Funds due
- $36,078
- Interest + MI left
- $289,890
- First ends
- Jan 2055
New loan
New conventional
$1,786/mo
+$290/mo- Down payment
- $25,526
- Funds due
- $32,841
- Interest + MI left
- $322,281
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,474 | $189,474 | $220,474 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,247.97 | $1,247.97 | $1,493.57 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $44.09 |
| Taxes, insurance & HOA | $248.42 | $248.42 | $248.42 |
| Total housing payment | $1,496.39 | $1,745.82 | $1,786.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,526
Closing costs & prepaids$10,552
Usable credit−$0
Total buyer cash needed$36,078
Earnest money paid−$0
Remaining funds due$36,078
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,460.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$947.37
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)$295.25
Prepaid interest, first (9 days)$312.55
Prepaid interest, second (9 days)$68.79
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 closing28 yr 1 moOf the original 30-year loan at 6.69%
Interest already paid$24,577Through Dec 2026
Assumption only · ends Jan 2055$231,094
Assumption + second · ends Jan 2055, second Jan 2057$289,890
New conventional · ends Jan 2057$322,281