Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,133/mo
Lowest payment- Down payment
- $209,779
- Funds due
- $219,035
- Interest + MI left
- $15,004
- First ends
- Dec 2035
Assumption
Assumption + second
$2,476/mo
+$1,343/mo- Down payment
- $26,779
- Funds due
- $37,526
- Interest + MI left
- $315,408
- First ends
- Dec 2035
New loan
New conventional
$2,156/mo
+$1,023/mo- Down payment
- $26,779
- Funds due
- $34,948
- Interest + MI left
- $340,961
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,221 | $50,221 | $233,221 |
| Second mortgage | — | $183,000 | — |
| First P&I | $603.93 | $603.93 | $1,579.92 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $46.64 |
| Taxes, insurance & HOA | $529.00 | $529.00 | $529.00 |
| Total housing payment | $1,132.93 | $2,475.72 | $2,155.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,779
Closing costs & prepaids$10,747
Usable credit−$0
Total buyer cash needed$37,526
Earnest money paid−$0
Remaining funds due$37,526
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$251.10
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)$312.00
Initial HOA (3 months)$825.00
Prepaid interest, first (6 days)$49.86
Prepaid interest, second (6 days)$240.66
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 closing9 yrOf the original 30-year loan at 6.04%
Interest already paid$102,111Through Dec 2026
Assumption only · ends Dec 2035$15,004
Assumption + second · ends Dec 2035, second Jan 2057$315,408
New conventional · ends Jan 2057$340,961