Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $112,050
- Funds due
- $122,487
- Interest + MI left
- $224,969
- First ends
- Jul 2055
Assumption
Assumption + second
$2,342/mo
+$660/mo- Down payment
- $30,050
- Funds due
- $41,919
- Interest + MI left
- $380,493
- First ends
- Jul 2055
New loan
New conventional
$2,357/mo
+$675/mo- Down payment
- $30,050
- Funds due
- $38,635
- Interest + MI left
- $393,249
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,950 | $186,950 | $268,950 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,200.93 | $1,200.93 | $1,821.96 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $53.79 |
| Taxes, insurance & HOA | $481.58 | $481.58 | $481.58 |
| Total housing payment | $1,682.51 | $2,342.30 | $2,357.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,050
Closing costs & prepaids$11,869
Usable credit−$0
Total buyer cash needed$41,919
Earnest money paid−$0
Remaining funds due$41,919
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$934.75
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)$358.75
Initial HOA (3 months)$636.00
Prepaid interest, first (9 days)$299.63
Prepaid interest, second (9 days)$181.97
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 closing28 yr 7 moOf the original 30-year loan at 6.5%
Interest already paid$17,366Through Dec 2026
Assumption only · ends Jul 2055$224,969
Assumption + second · ends Jul 2055, second Jan 2057$380,493
New conventional · ends Jan 2057$393,249