Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,701/mo
Lowest payment- Down payment
- $162,176
- Funds due
- $170,758
- Interest + MI left
- $17,218
- First ends
- Jan 2033
Assumption
Assumption + second
$2,707/mo
+$1,005/mo- Down payment
- $25,176
- Funds due
- $35,188
- Interest + MI left
- $242,110
- First ends
- Jan 2033
New loan
New conventional
$1,831/mo
+$129/mo- Down payment
- $25,176
- Funds due
- $32,452
- Interest + MI left
- $328,730
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,824 | $87,824 | $224,824 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,438.92 | $1,438.92 | $1,523.04 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $44.96 |
| Taxes, insurance & HOA | $262.50 | $262.50 | $262.50 |
| Total housing payment | $1,701.42 | $2,706.68 | $1,830.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,176
Closing costs & prepaids$10,011
Usable credit−$0
Total buyer cash needed$35,188
Earnest money paid−$0
Remaining funds due$35,188
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%)$439.12
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)$37.50
Prepaid interest, first (6 days)$86.62
Prepaid interest, second (6 days)$180.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing6 yr 1 moOf the original 30-year loan at 6%
Interest already paid$260,794Through Dec 2026
Assumption only · ends Jan 2033$17,218
Assumption + second · ends Jan 2033, second Jan 2057$242,110
New conventional · ends Jan 2057$328,730