Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,086/mo
Lowest payment- Down payment
- $132,624
- Funds due
- $141,701
- Interest + MI left
- $103,558
- First ends
- Feb 2055
Assumption
Assumption + second
$1,901/mo
+$814/mo- Down payment
- $21,624
- Funds due
- $32,170
- Interest + MI left
- $285,770
- First ends
- Feb 2055
New loan
New conventional
$1,885/mo
+$799/mo- Down payment
- $21,624
- Funds due
- $29,483
- Interest + MI left
- $282,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,376 | $82,376 | $193,376 |
| Second mortgage | — | $111,000 | — |
| First P&I | $550.10 | $550.10 | $1,310.00 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $38.68 |
| Taxes, insurance & HOA | $536.00 | $536.00 | $536.00 |
| Total housing payment | $1,086.10 | $1,900.58 | $1,884.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,624
Closing costs & prepaids$10,546
Usable credit−$0
Total buyer cash needed$32,170
Earnest money paid−$0
Remaining funds due$32,170
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$411.88
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)$258.00
Initial HOA (3 months)$900.00
Prepaid interest, first (9 days)$138.93
Prepaid interest, second (9 days)$218.96
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 2 moOf the original 30-year loan at 6.84%
Interest already paid$10,441Through Dec 2026
Assumption only · ends Feb 2055$103,558
Assumption + second · ends Feb 2055, second Jan 2057$285,770
New conventional · ends Jan 2057$282,748