Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,992/mo
+$196/mo- Down payment
- $194,923
- Funds due
- $203,112
- Interest + MI left
- $1,595
- First ends
- Feb 2029
Assumption
Assumption + second
$3,240/mo
+$1,444/mo- Down payment
- $24,923
- Funds due
- $34,399
- Interest + MI left
- $280,659
- First ends
- Feb 2029
New loan
New conventional
$1,796/mo
Lowest payment- Down payment
- $24,923
- Funds due
- $31,884
- Interest + MI left
- $326,093
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,077 | $45,077 | $215,077 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $1,489.15 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $43.02 |
| Taxes, insurance & HOA | $263.75 | $263.75 | $263.75 |
| Total housing payment | $1,992.33 | $3,239.73 | $1,795.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,923
Closing costs & prepaids$9,476
Usable credit−$0
Total buyer cash needed$34,399
Earnest money paid−$0
Remaining funds due$34,399
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$225.38
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)$341.25
Prepaid interest, first (1 days)$3.70
Prepaid interest, second (1 days)$37.26
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 closing2 yr 3 moOf the original 30-year loan at 3.000%
Interest already paid$210,693Through Nov 2026
Assumption only · ends Feb 2029$1,595
Assumption + second · ends Feb 2029, second Dec 2056$280,659
New conventional · ends Dec 2056$326,093