Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,383/mo
Lowest payment- Down payment
- $210,873
- Funds due
- $221,644
- Interest + MI left
- $125,765
- First ends
- Apr 2056
Assumption
Assumption + second
$2,689/mo
+$1,306/mo- Down payment
- $32,873
- Funds due
- $45,129
- Interest + MI left
- $417,961
- First ends
- Apr 2056
New loan
New conventional
$2,719/mo
+$1,335/mo- Down payment
- $32,873
- Funds due
- $42,206
- Interest + MI left
- $419,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,127 | $109,127 | $287,127 |
| Second mortgage | — | $178,000 | — |
| First P&I | $667.30 | $667.30 | $1,945.10 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $57.43 |
| Taxes, insurance & HOA | $716.00 | $716.00 | $716.00 |
| Total housing payment | $1,383.30 | $2,689.41 | $2,718.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,873
Closing costs & prepaids$12,255
Usable credit−$0
Total buyer cash needed$45,129
Earnest money paid−$0
Remaining funds due$45,129
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$545.63
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)$384.00
Initial HOA (3 months)$1,314.00
Prepaid interest, first (6 days)$109.61
Prepaid interest, second (6 days)$234.08
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 closing29 yr 4 moOf the original 30-year loan at 6.11%
Interest already paid$4,465Through Dec 2026
Assumption only · ends Apr 2056$125,765
Assumption + second · ends Apr 2056, second Jan 2057$417,961
New conventional · ends Jan 2057$419,770