Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,198/mo
Lowest payment- Down payment
- $107,495
- Funds due
- $118,588
- Interest + MI left
- $309,691
- First ends
- Sep 2053
Assumption
Assumption + second
$2,761/mo
+$563/mo- Down payment
- $37,495
- Funds due
- $49,856
- Interest + MI left
- $442,456
- First ends
- Sep 2053
New loan
New conventional
$2,790/mo
+$592/mo- Down payment
- $37,495
- Funds due
- $46,126
- Interest + MI left
- $504,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,505 | $262,505 | $332,505 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,777.01 | $1,777.01 | $2,302.20 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $66.50 |
| Taxes, insurance & HOA | $421.17 | $421.17 | $421.17 |
| Total housing payment | $2,198.17 | $2,761.41 | $2,789.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,495
Closing costs & prepaids$12,360
Usable credit−$0
Total buyer cash needed$49,856
Earnest money paid−$0
Remaining funds due$49,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,312.52
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)$813.50
Prepaid interest, first (1 days)$48.98
Prepaid interest, second (1 days)$17.26
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 closing26 yr 10 moOf the original 30-year loan at 6.810%
Interest already paid$57,731Through Nov 2026
Assumption only · ends Sep 2053$309,691
Assumption + second · ends Sep 2053, second Dec 2056$442,456
New conventional · ends Dec 2056$504,200