Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,016/mo
Lowest payment- Down payment
- $187,626
- Funds due
- $196,984
- Interest + MI left
- $18,530
- First ends
- Jun 2042
Assumption
Assumption + second
$2,205/mo
+$1,189/mo- Down payment
- $25,626
- Funds due
- $36,447
- Interest + MI left
- $284,462
- First ends
- Jun 2042
New loan
New conventional
$2,146/mo
+$1,130/mo- Down payment
- $25,626
- Funds due
- $33,853
- Interest + MI left
- $328,027
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,374 | $62,374 | $224,374 |
| Second mortgage | — | $162,000 | — |
| First P&I | $434.97 | $434.97 | $1,519.99 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $44.87 |
| Taxes, insurance & HOA | $581.00 | $581.00 | $581.00 |
| Total housing payment | $1,015.97 | $2,204.67 | $2,145.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,626
Closing costs & prepaids$10,822
Usable credit−$0
Total buyer cash needed$36,447
Earnest money paid−$0
Remaining funds due$36,447
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%)$311.87
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)$993.00
Prepaid interest, first (6 days)$35.89
Prepaid interest, second (6 days)$213.04
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 closing15 yr 6 moOf the original 20-year loan at 3.5%
Interest already paid$10,863Through Dec 2026
Assumption only · ends Jun 2042$18,530
Assumption + second · ends Jun 2042, second Jan 2057$284,462
New conventional · ends Jan 2057$328,027