Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,315/mo
Lowest payment- Down payment
- $215,397
- Funds due
- $224,355
- Interest + MI left
- $3,103
- First ends
- Dec 2029
Assumption
Assumption + second
$2,716/mo
+$1,401/mo- Down payment
- $24,397
- Funds due
- $34,856
- Interest + MI left
- $316,639
- First ends
- Dec 2029
New loan
New conventional
$2,049/mo
+$734/mo- Down payment
- $24,397
- Funds due
- $32,418
- Interest + MI left
- $315,204
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $24,603 | $24,603 | $215,603 |
| Second mortgage | — | $191,000 | — |
| First P&I | $769.59 | $769.59 | $1,460.57 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | — | — | $43.12 |
| Taxes, insurance & HOA | $545.00 | $545.00 | $545.00 |
| Total housing payment | $1,314.59 | $2,716.08 | $2,048.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,397
Closing costs & prepaids$10,459
Usable credit−$0
Total buyer cash needed$34,856
Earnest money paid−$0
Remaining funds due$34,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$123.01
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)$288.00
Initial HOA (3 months)$897.00
Prepaid interest, first (6 days)$31.87
Prepaid interest, second (6 days)$251.18
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 closing3 yrOf the original 30-year loan at 7.88%
Interest already paid$167,861Through Dec 2026
Assumption only · ends Dec 2029$3,103
Assumption + second · ends Dec 2029, second Jan 2057$316,639
New conventional · ends Jan 2057$315,204