Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,395/mo
Lowest payment- Down payment
- $55,115
- Funds due
- $63,890
- Interest + MI left
- $216,505
- First ends
- Jan 2055
Assumption
Assumption + second
$1,636/mo
+$241/mo- Down payment
- $25,115
- Funds due
- $35,148
- Interest + MI left
- $273,404
- First ends
- Jan 2055
New loan
New conventional
$1,757/mo
+$362/mo- Down payment
- $25,115
- Funds due
- $31,910
- Interest + MI left
- $332,624
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,385 | $189,385 | $219,385 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,200.86 | $1,200.86 | $1,518.98 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $43.88 |
| Taxes, insurance & HOA | $194.00 | $194.00 | $194.00 |
| Total housing payment | $1,394.86 | $1,636.24 | $1,756.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,115
Closing costs & prepaids$10,032
Usable credit−$0
Total buyer cash needed$35,148
Earnest money paid−$0
Remaining funds due$35,148
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,445.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$946.92
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)$32.79
Prepaid interest, second (1 days)$7.40
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 6.320%
Interest already paid$22,203Through Nov 2026
Assumption only · ends Jan 2055$216,505
Assumption + second · ends Jan 2055, second Dec 2056$273,404
New conventional · ends Dec 2056$332,624