Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$969/mo
Lowest payment- Down payment
- $192,200
- Funds due
- $201,346
- Interest + MI left
- $12,698
- First ends
- Aug 2038
Assumption
Assumption + second
$2,209/mo
+$1,240/mo- Down payment
- $23,200
- Funds due
- $33,818
- Interest + MI left
- $290,121
- First ends
- Aug 2038
New loan
New conventional
$2,051/mo
+$1,082/mo- Down payment
- $23,200
- Funds due
- $31,363
- Interest + MI left
- $294,984
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,800 | $32,800 | $201,800 |
| Second mortgage | — | $169,000 | — |
| First P&I | $324.99 | $324.99 | $1,367.06 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $40.36 |
| Taxes, insurance & HOA | $644.00 | $644.00 | $644.00 |
| Total housing payment | $968.99 | $2,209.05 | $2,051.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,200
Closing costs & prepaids$10,618
Usable credit−$0
Total buyer cash needed$33,818
Earnest money paid−$0
Remaining funds due$33,818
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$164.00
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)$270.00
Initial HOA (3 months)$1,212.00
Prepaid interest, first (6 days)$31.92
Prepaid interest, second (6 days)$222.25
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 closing11 yr 8 moOf the original 30-year loan at 5.92%
Interest already paid$49,624Through Dec 2026
Assumption only · ends Aug 2038$12,698
Assumption + second · ends Aug 2038, second Jan 2057$290,121
New conventional · ends Jan 2057$294,984