Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $53,012
- Funds due
- $60,911
- Interest + MI left
- $160,831
- First ends
- Aug 2054
Assumption
Assumption + second
$1,370/mo
+$282/mo- Down payment
- $18,012
- Funds due
- $27,169
- Interest + MI left
- $227,213
- First ends
- Aug 2054
New loan
New conventional
$1,378/mo
+$289/mo- Down payment
- $18,012
- Funds due
- $24,312
- Interest + MI left
- $245,514
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,888 | $126,888 | $161,888 |
| Second mortgage | — | $35,000 | — |
| First P&I | $864.02 | $864.02 | $1,120.88 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $32.38 |
| Taxes, insurance & HOA | $224.34 | $224.34 | $224.34 |
| Total housing payment | $1,088.36 | $1,369.97 | $1,377.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,012
Closing costs & prepaids$9,157
Usable credit−$0
Total buyer cash needed$27,169
Earnest money paid−$0
Remaining funds due$27,169
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$634.44
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)$71.75
Initial HOA (3 months)$151.26
Prepaid interest, first (1 days)$24.30
Prepaid interest, second (1 days)$8.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.990%
Interest already paid$20,216Through Nov 2026
Assumption only · ends Aug 2054$160,831
Assumption + second · ends Aug 2054, second Dec 2056$227,213
New conventional · ends Dec 2056$245,514