Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,076/mo
Lowest payment- Down payment
- $130,450
- Funds due
- $137,666
- Interest + MI left
- $4,058
- First ends
- Mar 2030
Assumption
Assumption + second
$1,912/mo
+$836/mo- Down payment
- $16,450
- Funds due
- $25,141
- Interest + MI left
- $191,195
- First ends
- Mar 2030
New loan
New conventional
$1,215/mo
+$139/mo- Down payment
- $16,450
- Funds due
- $22,757
- Interest + MI left
- $209,865
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $29,550 | $29,550 | $143,550 |
| Second mortgage | — | $114,000 | — |
| First P&I | $861.72 | $861.72 | $972.46 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $28.71 |
| Taxes, insurance & HOA | $214.00 | $214.00 | $214.00 |
| Total housing payment | $1,075.72 | $1,912.22 | $1,215.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,450
Closing costs & prepaids$8,690
Usable credit−$0
Total buyer cash needed$25,141
Earnest money paid−$0
Remaining funds due$25,141
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$147.75
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)$192.00
Prepaid interest, first (9 days)$57.63
Prepaid interest, second (9 days)$224.88
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 closing3 yr 3 moOf the original 30-year loan at 7.91%
Interest already paid$187,713Through Dec 2026
Assumption only · ends Mar 2030$4,058
Assumption + second · ends Mar 2030, second Jan 2057$191,195
New conventional · ends Jan 2057$209,865