Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,365/mo
Lowest payment- Down payment
- $133,472
- Funds due
- $143,447
- Interest + MI left
- $140,056
- First ends
- Apr 2056
Assumption
Assumption + second
$2,150/mo
+$785/mo- Down payment
- $26,472
- Funds due
- $37,908
- Interest + MI left
- $315,702
- First ends
- Apr 2056
New loan
New conventional
$2,216/mo
+$851/mo- Down payment
- $26,472
- Funds due
- $35,003
- Interest + MI left
- $334,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,528 | $121,528 | $228,528 |
| Second mortgage | — | $107,000 | — |
| First P&I | $743.14 | $743.14 | $1,548.13 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $45.71 |
| Taxes, insurance & HOA | $622.00 | $622.00 | $622.00 |
| Total housing payment | $1,365.14 | $2,150.26 | $2,215.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,472
Closing costs & prepaids$11,436
Usable credit−$0
Total buyer cash needed$37,908
Earnest money paid−$0
Remaining funds due$37,908
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%)$607.64
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)$1,110.00
Prepaid interest, first (9 days)$183.09
Prepaid interest, second (9 days)$211.07
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 closing29 yr 4 moOf the original 30-year loan at 6.11%
Interest already paid$4,973Through Dec 2026
Assumption only · ends Apr 2056$140,056
Assumption + second · ends Apr 2056, second Jan 2057$315,702
New conventional · ends Jan 2057$334,054