Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$741/mo
Lowest payment- Down payment
- $101,166
- Funds due
- $109,071
- Interest + MI left
- $28,872
- First ends
- Jan 2053
Assumption
Assumption + second
$1,449/mo
+$708/mo- Down payment
- $13,166
- Funds due
- $22,451
- Interest + MI left
- $195,776
- First ends
- Jan 2053
New loan
New conventional
$1,367/mo
+$627/mo- Down payment
- $13,166
- Funds due
- $20,115
- Interest + MI left
- $169,345
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $27,834 | $27,834 | $115,834 |
| Second mortgage | — | $88,000 | — |
| First P&I | $181.17 | $181.17 | $784.70 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $23.17 |
| Taxes, insurance & HOA | $559.58 | $559.58 | $559.58 |
| Total housing payment | $740.75 | $1,448.82 | $1,367.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,166
Closing costs & prepaids$9,285
Usable credit−$0
Total buyer cash needed$22,451
Earnest money paid−$0
Remaining funds due$22,451
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$139.17
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)$154.75
Initial HOA (3 months)$1,074.00
Prepaid interest, first (6 days)$28.78
Prepaid interest, second (6 days)$130.19
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 closing26 yr 1 moOf the original 30-year loan at 6.29%
Interest already paid$7,049Through Dec 2026
Assumption only · ends Jan 2053$28,872
Assumption + second · ends Jan 2053, second Jan 2057$195,776
New conventional · ends Jan 2057$169,345