Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,199/mo
Lowest payment- Down payment
- $188,568
- Funds due
- $197,967
- Interest + MI left
- $28
- First ends
- May 2027
Assumption
Assumption + second
$2,439/mo
+$1,240/mo- Down payment
- $19,568
- Funds due
- $30,550
- Interest + MI left
- $277,450
- First ends
- May 2027
New loan
New conventional
$2,096/mo
+$897/mo- Down payment
- $19,568
- Funds due
- $28,270
- Interest + MI left
- $249,166
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,432 | $1,432 | $170,432 |
| Second mortgage | — | $169,000 | — |
| First P&I | $292.01 | $292.01 | $1,154.57 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $34.09 |
| Taxes, insurance & HOA | $907.00 | $907.00 | $907.00 |
| Total housing payment | $1,199.01 | $2,439.08 | $2,095.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,568
Closing costs & prepaids$10,982
Usable credit−$0
Total buyer cash needed$30,550
Earnest money paid−$0
Remaining funds due$30,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$7.16
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)$228.00
Initial HOA (3 months)$2,043.00
Prepaid interest, first (9 days)$2.73
Prepaid interest, second (9 days)$333.37
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 closing5 moOf the original 30-year loan at 7.74%
Interest already paid$64,297Through Dec 2026
Assumption only · ends May 2027$28
Assumption + second · ends May 2027, second Jan 2057$277,450
New conventional · ends Jan 2057$249,166