Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$891/mo
Lowest payment- Down payment
- $170,850
- Funds due
- $179,439
- Interest + MI left
- $5,397
- First ends
- May 2036
Assumption
Assumption + second
$1,991/mo
+$1,101/mo- Down payment
- $20,850
- Funds due
- $30,722
- Interest + MI left
- $251,630
- First ends
- May 2036
New loan
New conventional
$1,851/mo
+$960/mo- Down payment
- $20,850
- Funds due
- $28,287
- Interest + MI left
- $283,826
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $37,150 | $37,150 | $187,150 |
| Second mortgage | — | $150,000 | — |
| First P&I | $373.22 | $373.22 | $1,295.79 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $37.43 |
| Taxes, insurance & HOA | $517.58 | $517.58 | $517.58 |
| Total housing payment | $890.80 | $1,991.45 | $1,850.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,850
Closing costs & prepaids$9,872
Usable credit−$0
Total buyer cash needed$30,722
Earnest money paid−$0
Remaining funds due$30,722
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,080.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$185.75
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)$202.75
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$2.95
Prepaid interest, second (1 days)$32.88
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 closing9 yr 6 moOf the original 15-year loan at 2.900%
Interest already paid$7,360Through Nov 2026
Assumption only · ends May 2036$5,397
Assumption + second · ends May 2036, second Dec 2056$251,630
New conventional · ends Dec 2056$283,826