Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,085/mo
Lowest payment- Down payment
- $40,065
- Funds due
- $50,729
- Interest + MI left
- $215,266
- First ends
- Sep 2054
Assumption
Assumption + second
$2,380/mo
+$296/mo- Down payment
- $11,065
- Funds due
- $23,027
- Interest + MI left
- $292,650
- First ends
- Sep 2054
New loan
New conventional
$2,315/mo
+$230/mo- Down payment
- $11,065
- Funds due
- $20,009
- Interest + MI left
- $291,764
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,835 | $169,835 | $198,835 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,156.46 | $1,156.46 | $1,346.98 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $39.77 |
| Taxes, insurance & HOA | $928.42 | $928.42 | $928.42 |
| Total housing payment | $2,084.87 | $2,380.38 | $2,315.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,065
Closing costs & prepaids$11,961
Usable credit−$0
Total buyer cash needed$23,027
Earnest money paid−$0
Remaining funds due$23,027
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$849.17
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)$535.25
Initial HOA (3 months)$1,800.00
Prepaid interest, first (5 days)$162.62
Prepaid interest, second (5 days)$47.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing27 yr 9 moOf the original 30-year loan at 6.99%
Interest already paid$27,059Through Dec 2026
Assumption only · ends Sep 2054$215,266
Assumption + second · ends Sep 2054, second Jan 2057$292,650
New conventional · ends Jan 2057$291,764