Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,276/mo
Lowest payment- Down payment
- $48,185
- Funds due
- $56,903
- Interest + MI left
- $196,279
- First ends
- Jan 2056
Assumption
Assumption + second
$1,486/mo
+$209/mo- Down payment
- $22,185
- Funds due
- $32,210
- Interest + MI left
- $245,592
- First ends
- Jan 2056
New loan
New conventional
$1,581/mo
+$304/mo- Down payment
- $22,185
- Funds due
- $29,138
- Interest + MI left
- $281,850
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,815 | $166,815 | $192,815 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,040.39 | $1,040.39 | $1,306.20 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $38.56 |
| Taxes, insurance & HOA | $236.00 | $236.00 | $236.00 |
| Total housing payment | $1,276.39 | $1,485.59 | $1,580.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,185
Closing costs & prepaids$10,026
Usable credit−$0
Total buyer cash needed$32,210
Earnest money paid−$0
Remaining funds due$32,210
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$834.08
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)$258.00
Prepaid interest, first (9 days)$257.90
Prepaid interest, second (9 days)$57.70
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 closing29 yr 1 moOf the original 30-year loan at 6.27%
Interest already paid$9,645Through Dec 2026
Assumption only · ends Jan 2056$196,279
Assumption + second · ends Jan 2056, second Jan 2057$245,592
New conventional · ends Jan 2057$281,850