Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,107/mo
Lowest payment- Down payment
- $129,788
- Funds due
- $137,050
- Interest + MI left
- $4,257
- First ends
- Mar 2030
Assumption
Assumption + second
$1,936/mo
+$829/mo- Down payment
- $16,788
- Funds due
- $25,325
- Interest + MI left
- $189,752
- First ends
- Mar 2030
New loan
New conventional
$1,266/mo
+$158/mo- Down payment
- $16,788
- Funds due
- $22,961
- Interest + MI left
- $217,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,212 | $30,212 | $143,212 |
| Second mortgage | — | $113,000 | — |
| First P&I | $861.72 | $861.72 | $991.57 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $28.64 |
| Taxes, insurance & HOA | $245.58 | $245.58 | $245.58 |
| Total housing payment | $1,107.31 | $1,936.46 | $1,265.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,788
Closing costs & prepaids$8,537
Usable credit−$0
Total buyer cash needed$25,325
Earnest money paid−$0
Remaining funds due$25,325
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$151.06
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)$286.75
Prepaid interest, first (1 days)$6.55
Prepaid interest, second (1 days)$24.77
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 closing3 yr 4 moOf the original 30-year loan at 7.910%
Interest already paid$187,514Through Nov 2026
Assumption only · ends Mar 2030$4,257
Assumption + second · ends Mar 2030, second Dec 2056$189,752
New conventional · ends Dec 2056$217,105