Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,359/mo
Lowest payment- Down payment
- $123,093
- Funds due
- $132,537
- Interest + MI left
- $162,324
- First ends
- Oct 2054
Assumption
Assumption + second
$2,139/mo
+$780/mo- Down payment
- $26,093
- Funds due
- $36,811
- Interest + MI left
- $346,299
- First ends
- Oct 2054
New loan
New conventional
$2,111/mo
+$752/mo- Down payment
- $26,093
- Funds due
- $33,845
- Interest + MI left
- $347,107
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,907 | $131,907 | $228,907 |
| Second mortgage | — | $97,000 | — |
| First P&I | $878.30 | $878.30 | $1,584.91 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $45.78 |
| Taxes, insurance & HOA | $480.58 | $480.58 | $480.58 |
| Total housing payment | $1,358.88 | $2,139.37 | $2,111.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,093
Closing costs & prepaids$10,718
Usable credit−$0
Total buyer cash needed$36,811
Earnest money paid−$0
Remaining funds due$36,811
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$659.53
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)$151.75
Initial HOA (3 months)$840.00
Prepaid interest, first (1 days)$24.50
Prepaid interest, second (1 days)$23.92
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 closing27 yr 11 moOf the original 30-year loan at 6.780%
Interest already paid$18,864Through Nov 2026
Assumption only · ends Oct 2054$162,324
Assumption + second · ends Oct 2054, second Dec 2056$346,299
New conventional · ends Dec 2056$347,107