Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $217,672
- Funds due
- $226,768
- Interest + MI left
- $6,689
- First ends
- Nov 2032
Assumption
Assumption + second
$2,496/mo
+$1,409/mo- Down payment
- $25,672
- Funds due
- $36,396
- Interest + MI left
- $321,867
- First ends
- Nov 2032
New loan
New conventional
$2,103/mo
+$1,015/mo- Down payment
- $25,672
- Funds due
- $33,901
- Interest + MI left
- $327,960
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,328 | $32,328 | $224,328 |
| Second mortgage | — | $192,000 | — |
| First P&I | $549.54 | $549.54 | $1,519.68 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $44.87 |
| Taxes, insurance & HOA | $538.00 | $538.00 | $538.00 |
| Total housing payment | $1,087.54 | $2,496.36 | $2,102.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,672
Closing costs & prepaids$10,724
Usable credit−$0
Total buyer cash needed$36,396
Earnest money paid−$0
Remaining funds due$36,396
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$161.64
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)$300.00
Initial HOA (3 months)$864.00
Prepaid interest, first (9 days)$51.73
Prepaid interest, second (9 days)$378.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing5 yr 11 moOf the original 30-year loan at 6.49%
Interest already paid$104,110Through Dec 2026
Assumption only · ends Nov 2032$6,689
Assumption + second · ends Nov 2032, second Jan 2057$321,867
New conventional · ends Jan 2057$327,960