Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,365/mo
Lowest payment- Down payment
- $182,498
- Funds due
- $192,575
- Interest + MI left
- $206,832
- First ends
- Jul 2055
Assumption
Assumption + second
$2,443/mo
+$1,079/mo- Down payment
- $35,498
- Funds due
- $47,018
- Interest + MI left
- $448,141
- First ends
- Jul 2055
New loan
New conventional
$2,447/mo
+$1,082/mo- Down payment
- $35,498
- Funds due
- $43,797
- Interest + MI left
- $452,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,502 | $162,502 | $309,502 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,076.78 | $1,076.78 | $2,096.67 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $61.90 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $1,364.78 | $2,443.41 | $2,446.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,498
Closing costs & prepaids$11,520
Usable credit−$0
Total buyer cash needed$47,018
Earnest money paid−$0
Remaining funds due$47,018
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$812.51
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)$414.00
Prepaid interest, first (6 days)$181.91
Prepaid interest, second (6 days)$193.32
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 closing28 yr 7 moOf the original 30-year loan at 6.81%
Interest already paid$15,807Through Dec 2026
Assumption only · ends Jul 2055$206,832
Assumption + second · ends Jul 2055, second Jan 2057$448,141
New conventional · ends Jan 2057$452,481