Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,376/mo
Lowest payment- Down payment
- $66,300
- Funds due
- $75,248
- Interest + MI left
- $166,459
- First ends
- May 2053
Assumption
Assumption + second
$1,722/mo
+$346/mo- Down payment
- $23,300
- Funds due
- $33,519
- Interest + MI left
- $248,014
- First ends
- May 2053
New loan
New conventional
$1,806/mo
+$430/mo- Down payment
- $23,300
- Funds due
- $30,438
- Interest + MI left
- $311,917
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,700 | $162,700 | $205,700 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,035.09 | $1,035.09 | $1,424.23 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $41.14 |
| Taxes, insurance & HOA | $340.83 | $340.83 | $340.83 |
| Total housing payment | $1,375.92 | $1,721.91 | $1,806.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,300
Closing costs & prepaids$10,220
Usable credit−$0
Total buyer cash needed$33,519
Earnest money paid−$0
Remaining funds due$33,519
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$813.50
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)$572.50
Prepaid interest, first (2 days)$54.56
Prepaid interest, second (2 days)$21.21
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 6.120%
Interest already paid$35,729Through Nov 2026
Assumption only · ends May 2053$166,459
Assumption + second · ends May 2053, second Dec 2056$248,014
New conventional · ends Dec 2056$311,917