Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,498/mo
Lowest payment- Down payment
- $131,773
- Funds due
- $140,302
- Interest + MI left
- $36,239
- First ends
- Aug 2036
Assumption
Assumption + second
$2,283/mo
+$785/mo- Down payment
- $24,773
- Funds due
- $34,575
- Interest + MI left
- $211,885
- First ends
- Aug 2036
New loan
New conventional
$1,798/mo
+$300/mo- Down payment
- $24,773
- Funds due
- $31,749
- Interest + MI left
- $324,804
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,227 | $107,227 | $214,227 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,226.20 | $1,226.20 | $1,483.26 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $42.85 |
| Taxes, insurance & HOA | $271.92 | $271.92 | $271.92 |
| Total housing payment | $1,498.12 | $2,283.25 | $1,798.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,773
Closing costs & prepaids$9,802
Usable credit−$0
Total buyer cash needed$34,575
Earnest money paid−$0
Remaining funds due$34,575
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$536.13
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)$365.75
Prepaid interest, first (1 days)$18.36
Prepaid interest, second (1 days)$23.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yr 9 moOf the original 30-year loan at 6.250%
Interest already paid$206,043Through Nov 2026
Assumption only · ends Aug 2036$36,239
Assumption + second · ends Aug 2036, second Dec 2056$211,885
New conventional · ends Dec 2056$324,804