Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,422/mo
Lowest payment- Down payment
- $39,410
- Funds due
- $47,994
- Interest + MI left
- $224,405
- First ends
- May 2054
Assumption
Assumption + second
$1,698/mo
+$275/mo- Down payment
- $12,410
- Funds due
- $22,261
- Interest + MI left
- $296,452
- First ends
- May 2054
New loan
New conventional
$1,714/mo
+$292/mo- Down payment
- $12,410
- Funds due
- $19,144
- Interest + MI left
- $330,774
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,390 | $190,390 | $217,390 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,256.95 | $1,256.95 | $1,505.16 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $43.48 |
| Taxes, insurance & HOA | $165.50 | $165.50 | $165.50 |
| Total housing payment | $1,422.45 | $1,697.58 | $1,714.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,410
Closing costs & prepaids$9,851
Usable credit−$0
Total buyer cash needed$22,261
Earnest money paid−$0
Remaining funds due$22,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,298.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$951.95
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)$46.50
Prepaid interest, first (2 days)$69.27
Prepaid interest, second (2 days)$17.57
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 closing27 yr 6 moOf the original 30-year loan at 6.640%
Interest already paid$32,099Through Nov 2026
Assumption only · ends May 2054$224,405
Assumption + second · ends May 2054, second Dec 2056$296,452
New conventional · ends Dec 2056$330,774