Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,266/mo
Lowest payment- Down payment
- $104,175
- Funds due
- $111,821
- Interest + MI left
- $10,787
- First ends
- Oct 2033
Assumption
Assumption + second
$1,958/mo
+$692/mo- Down payment
- $18,175
- Funds due
- $27,198
- Interest + MI left
- $173,898
- First ends
- Oct 2033
New loan
New conventional
$1,343/mo
+$78/mo- Down payment
- $18,175
- Funds due
- $24,613
- Interest + MI left
- $235,121
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,825 | $74,825 | $160,825 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,044.05 | $1,044.05 | $1,089.48 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $32.17 |
| Taxes, insurance & HOA | $221.58 | $221.58 | $221.58 |
| Total housing payment | $1,265.63 | $1,957.61 | $1,343.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,175
Closing costs & prepaids$9,023
Usable credit−$0
Total buyer cash needed$27,198
Earnest money paid−$0
Remaining funds due$27,198
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$374.13
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)$214.75
Prepaid interest, first (6 days)$49.08
Prepaid interest, second (6 days)$127.23
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 closing6 yr 10 moOf the original 15-year loan at 3.99%
Interest already paid$35,899Through Dec 2026
Assumption only · ends Oct 2033$10,787
Assumption + second · ends Oct 2033, second Jan 2057$173,898
New conventional · ends Jan 2057$235,121