Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,442/mo
Lowest payment- Down payment
- $56,336
- Funds due
- $65,129
- Interest + MI left
- $232,151
- First ends
- Jan 2055
Assumption
Assumption + second
$1,691/mo
+$249/mo- Down payment
- $25,336
- Funds due
- $35,387
- Interest + MI left
- $290,947
- First ends
- Jan 2055
New loan
New conventional
$1,766/mo
+$324/mo- Down payment
- $25,336
- Funds due
- $32,144
- Interest + MI left
- $334,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,664 | $189,664 | $220,664 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,247.97 | $1,247.97 | $1,527.83 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $44.13 |
| Taxes, insurance & HOA | $194.00 | $194.00 | $194.00 |
| Total housing payment | $1,441.97 | $1,691.41 | $1,765.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,336
Closing costs & prepaids$10,051
Usable credit−$0
Total buyer cash needed$35,387
Earnest money paid−$0
Remaining funds due$35,387
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,460.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$948.32
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)$132.00
Prepaid interest, first (1 days)$34.76
Prepaid interest, second (1 days)$7.64
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 closing28 yr 2 moOf the original 30-year loan at 6.690%
Interest already paid$23,520Through Nov 2026
Assumption only · ends Jan 2055$232,151
Assumption + second · ends Jan 2055, second Dec 2056$290,947
New conventional · ends Dec 2056$334,564