Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$906/mo
Lowest payment- Down payment
- $171,133
- Funds due
- $179,792
- Interest + MI left
- $5,307
- First ends
- May 2036
Assumption
Assumption + second
$2,007/mo
+$1,101/mo- Down payment
- $21,133
- Funds due
- $31,338
- Interest + MI left
- $251,540
- First ends
- May 2036
New loan
New conventional
$1,836/mo
+$930/mo- Down payment
- $21,133
- Funds due
- $28,907
- Interest + MI left
- $273,193
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,867 | $36,867 | $186,867 |
| Second mortgage | — | $150,000 | — |
| First P&I | $373.22 | $373.22 | $1,265.90 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $37.37 |
| Taxes, insurance & HOA | $533.17 | $533.17 | $533.17 |
| Total housing payment | $906.38 | $2,007.03 | $1,836.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,133
Closing costs & prepaids$10,204
Usable credit−$0
Total buyer cash needed$31,338
Earnest money paid−$0
Remaining funds due$31,338
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,080.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$184.33
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)$249.50
Initial HOA (3 months)$900.00
Prepaid interest, first (9 days)$26.36
Prepaid interest, second (9 days)$295.89
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 closing9 yr 5 moOf the original 15-year loan at 2.9%
Interest already paid$7,450Through Dec 2026
Assumption only · ends May 2036$5,307
Assumption + second · ends May 2036, second Jan 2057$251,540
New conventional · ends Jan 2057$273,193