Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,541/mo
Lowest payment- Down payment
- $59,390
- Funds due
- $68,506
- Interest + MI left
- $216,463
- First ends
- Apr 2053
Assumption
Assumption + second
$1,806/mo
+$266/mo- Down payment
- $26,390
- Funds due
- $36,773
- Interest + MI left
- $279,052
- First ends
- Apr 2053
New loan
New conventional
$1,889/mo
+$349/mo- Down payment
- $26,390
- Funds due
- $33,471
- Interest + MI left
- $354,239
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,610 | $200,610 | $233,610 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,315.69 | $1,315.69 | $1,617.47 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $46.72 |
| Taxes, insurance & HOA | $224.92 | $224.92 | $224.92 |
| Total housing payment | $1,540.60 | $1,806.13 | $1,889.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,390
Closing costs & prepaids$10,383
Usable credit−$0
Total buyer cash needed$36,773
Earnest money paid−$0
Remaining funds due$36,773
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%)$1,003.05
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)$224.75
Prepaid interest, first (2 days)$70.57
Prepaid interest, second (2 days)$16.27
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 5 moOf the original 30-year loan at 6.420%
Interest already paid$47,285Through Nov 2026
Assumption only · ends Apr 2053$216,463
Assumption + second · ends Apr 2053, second Dec 2056$279,052
New conventional · ends Dec 2056$354,239