Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,445/mo
Lowest payment- Down payment
- $46,319
- Funds due
- $55,415
- Interest + MI left
- $215,508
- First ends
- Jan 2055
Assumption
Assumption + second
$1,791/mo
+$346/mo- Down payment
- $12,319
- Funds due
- $22,765
- Interest + MI left
- $306,233
- First ends
- Jan 2055
New loan
New conventional
$1,801/mo
+$356/mo- Down payment
- $12,319
- Funds due
- $19,653
- Interest + MI left
- $327,488
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,181 | $189,181 | $223,181 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,200.86 | $1,200.86 | $1,511.91 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $44.64 |
| Taxes, insurance & HOA | $244.17 | $244.17 | $244.17 |
| Total housing payment | $1,445.02 | $1,791.48 | $1,800.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,319
Closing costs & prepaids$10,446
Usable credit−$0
Total buyer cash needed$22,765
Earnest money paid−$0
Remaining funds due$22,765
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,355.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$945.91
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)$282.50
Prepaid interest, first (9 days)$294.81
Prepaid interest, second (9 days)$99.55
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 6.32%
Interest already paid$23,201Through Dec 2026
Assumption only · ends Jan 2055$215,508
Assumption + second · ends Jan 2055, second Jan 2057$306,233
New conventional · ends Jan 2057$327,488