Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,665/mo
Lowest payment- Down payment
- $72,592
- Funds due
- $82,767
- Interest + MI left
- $195,992
- First ends
- Oct 2055
Assumption
Assumption + second
$2,043/mo
+$378/mo- Down payment
- $25,592
- Funds due
- $37,122
- Interest + MI left
- $285,134
- First ends
- Oct 2055
New loan
New conventional
$2,151/mo
+$486/mo- Down payment
- $25,592
- Funds due
- $33,966
- Interest + MI left
- $328,077
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,408 | $177,408 | $224,408 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,079.19 | $1,079.19 | $1,520.22 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $44.88 |
| Taxes, insurance & HOA | $586.00 | $586.00 | $586.00 |
| Total housing payment | $1,665.19 | $2,043.36 | $2,151.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,592
Closing costs & prepaids$11,530
Usable credit−$0
Total buyer cash needed$37,122
Earnest money paid−$0
Remaining funds due$37,122
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$887.04
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)$300.00
Initial HOA (3 months)$1,008.00
Prepaid interest, first (9 days)$262.47
Prepaid interest, second (9 days)$104.30
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 10 moOf the original 30-year loan at 6%
Interest already paid$12,517Through Dec 2026
Assumption only · ends Oct 2055$195,992
Assumption + second · ends Oct 2055, second Jan 2057$285,134
New conventional · ends Jan 2057$328,077