Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
+$226/mo- Down payment
- $196,539
- Funds due
- $204,695
- Interest + MI left
- $1,482
- First ends
- Feb 2029
Assumption
Assumption + second
$3,237/mo
+$1,488/mo- Down payment
- $24,539
- Funds due
- $34,284
- Interest + MI left
- $283,829
- First ends
- Feb 2029
New loan
New conventional
$1,749/mo
Lowest payment- Down payment
- $24,539
- Funds due
- $31,788
- Interest + MI left
- $314,997
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $43,461 | $43,461 | $215,461 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $1,459.61 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $43.09 |
| Taxes, insurance & HOA | $246.00 | $246.00 | $246.00 |
| Total housing payment | $1,974.58 | $3,236.65 | $1,748.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,539
Closing costs & prepaids$9,745
Usable credit−$0
Total buyer cash needed$34,284
Earnest money paid−$0
Remaining funds due$34,284
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$217.30
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)$288.00
Prepaid interest, first (9 days)$32.15
Prepaid interest, second (9 days)$339.29
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 closing2 yr 2 moOf the original 30-year loan at 3%
Interest already paid$210,805Through Dec 2026
Assumption only · ends Feb 2029$1,482
Assumption + second · ends Feb 2029, second Jan 2057$283,829
New conventional · ends Jan 2057$314,997