Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $44,919
- Funds due
- $54,175
- Interest + MI left
- $226,048
- First ends
- May 2053
Assumption
Assumption + second
$1,949/mo
+$316/mo- Down payment
- $13,919
- Funds due
- $24,445
- Interest + MI left
- $308,768
- First ends
- May 2053
New loan
New conventional
$1,999/mo
+$366/mo- Down payment
- $13,919
- Funds due
- $21,193
- Interest + MI left
- $374,429
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,081 | $215,081 | $246,081 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,387.20 | $1,387.20 | $1,703.82 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $49.22 |
| Taxes, insurance & HOA | $246.17 | $246.17 | $246.17 |
| Total housing payment | $1,633.36 | $1,949.25 | $1,999.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,919
Closing costs & prepaids$10,526
Usable credit−$0
Total buyer cash needed$24,445
Earnest money paid−$0
Remaining funds due$24,445
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,075.40
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)$288.50
Prepaid interest, first (2 days)$73.78
Prepaid interest, second (2 days)$20.17
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 closing26 yr 6 moOf the original 30-year loan at 6.260%
Interest already paid$48,283Through Nov 2026
Assumption only · ends May 2053$226,048
Assumption + second · ends May 2053, second Dec 2056$308,768
New conventional · ends Dec 2056$374,429