Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,131/mo
Lowest payment- Down payment
- $39,236
- Funds due
- $47,317
- Interest + MI left
- $160,092
- First ends
- Aug 2054
Assumption
Assumption + second
$1,437/mo
+$306/mo- Down payment
- $9,236
- Funds due
- $18,655
- Interest + MI left
- $240,144
- First ends
- Aug 2054
New loan
New conventional
$1,360/mo
+$229/mo- Down payment
- $9,236
- Funds due
- $15,857
- Interest + MI left
- $229,966
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,763 | $126,763 | $156,763 |
| Second mortgage | — | $30,000 | — |
| First P&I | $864.02 | $864.02 | $1,061.97 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $31.35 |
| Taxes, insurance & HOA | $266.84 | $266.84 | $266.84 |
| Total housing payment | $1,130.86 | $1,436.56 | $1,360.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,236
Closing costs & prepaids$9,419
Usable credit−$0
Total buyer cash needed$18,655
Earnest money paid−$0
Remaining funds due$18,655
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,659.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$633.82
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)$199.25
Initial HOA (3 months)$151.26
Prepaid interest, first (9 days)$218.48
Prepaid interest, second (9 days)$87.84
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 closing27 yr 8 moOf the original 30-year loan at 6.99%
Interest already paid$20,956Through Dec 2026
Assumption only · ends Aug 2054$160,092
Assumption + second · ends Aug 2054, second Jan 2057$240,144
New conventional · ends Jan 2057$229,966