Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,410/mo
Lowest payment- Down payment
- $123,226
- Funds due
- $133,020
- Interest + MI left
- $161,579
- First ends
- Oct 2054
Assumption
Assumption + second
$2,191/mo
+$780/mo- Down payment
- $26,226
- Funds due
- $37,485
- Interest + MI left
- $345,553
- First ends
- Oct 2054
New loan
New conventional
$2,128/mo
+$717/mo- Down payment
- $26,226
- Funds due
- $34,490
- Interest + MI left
- $334,460
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,774 | $131,774 | $228,774 |
| Second mortgage | — | $97,000 | — |
| First P&I | $878.30 | $878.30 | $1,549.79 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $45.75 |
| Taxes, insurance & HOA | $532.00 | $532.00 | $532.00 |
| Total housing payment | $1,410.30 | $2,190.79 | $2,127.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,226
Closing costs & prepaids$11,258
Usable credit−$0
Total buyer cash needed$37,485
Earnest money paid−$0
Remaining funds due$37,485
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$658.87
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)$306.00
Initial HOA (3 months)$840.00
Prepaid interest, first (9 days)$220.30
Prepaid interest, second (9 days)$215.26
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 closing27 yr 10 moOf the original 30-year loan at 6.78%
Interest already paid$19,609Through Dec 2026
Assumption only · ends Oct 2054$161,579
Assumption + second · ends Oct 2054, second Jan 2057$345,553
New conventional · ends Jan 2057$334,460