Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,141/mo
Lowest payment- Down payment
- $188,287
- Funds due
- $197,511
- Interest + MI left
- $39
- First ends
- May 2027
Assumption
Assumption + second
$2,381/mo
+$1,240/mo- Down payment
- $19,287
- Funds due
- $29,835
- Interest + MI left
- $277,461
- First ends
- May 2027
New loan
New conventional
$2,065/mo
+$924/mo- Down payment
- $19,287
- Funds due
- $27,585
- Interest + MI left
- $258,864
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,713 | $1,713 | $170,713 |
| Second mortgage | — | $169,000 | — |
| First P&I | $292.01 | $292.01 | $1,181.98 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $34.14 |
| Taxes, insurance & HOA | $849.00 | $849.00 | $849.00 |
| Total housing payment | $1,141.01 | $2,381.08 | $2,065.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,287
Closing costs & prepaids$10,548
Usable credit−$0
Total buyer cash needed$29,835
Earnest money paid−$0
Remaining funds due$29,835
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$8.57
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)$54.00
Initial HOA (3 months)$2,043.00
Prepaid interest, first (2 days)$0.73
Prepaid interest, second (2 days)$74.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing6 moOf the original 30-year loan at 7.740%
Interest already paid$64,286Through Nov 2026
Assumption only · ends May 2027$39
Assumption + second · ends May 2027, second Dec 2056$277,461
New conventional · ends Dec 2056$258,864