Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,732/mo
Lowest payment- Down payment
- $126,539
- Funds due
- $137,308
- Interest + MI left
- $208,611
- First ends
- Nov 2055
Assumption
Assumption + second
$2,512/mo
+$780/mo- Down payment
- $29,539
- Funds due
- $41,773
- Interest + MI left
- $392,585
- First ends
- Nov 2055
New loan
New conventional
$2,496/mo
+$765/mo- Down payment
- $29,539
- Funds due
- $38,574
- Interest + MI left
- $388,148
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,461 | $168,461 | $265,461 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,086.66 | $1,086.66 | $1,798.33 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $53.09 |
| Taxes, insurance & HOA | $645.00 | $645.00 | $645.00 |
| Total housing payment | $1,731.66 | $2,512.15 | $2,496.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,539
Closing costs & prepaids$12,234
Usable credit−$0
Total buyer cash needed$41,773
Earnest money paid−$0
Remaining funds due$41,773
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$842.30
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)$354.00
Initial HOA (3 months)$1,131.00
Prepaid interest, first (9 days)$273.32
Prepaid interest, second (9 days)$215.26
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 11 moOf the original 30-year loan at 6.58%
Interest already paid$12,088Through Dec 2026
Assumption only · ends Nov 2055$208,611
Assumption + second · ends Nov 2055, second Jan 2057$392,585
New conventional · ends Jan 2057$388,148