Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,723/mo
Lowest payment- Down payment
- $91,478
- Funds due
- $101,488
- Interest + MI left
- $207,561
- First ends
- Oct 2053
Assumption
Assumption + second
$2,238/mo
+$515/mo- Down payment
- $27,478
- Funds due
- $38,770
- Interest + MI left
- $328,946
- First ends
- Oct 2053
New loan
New conventional
$2,255/mo
+$532/mo- Down payment
- $27,478
- Funds due
- $35,561
- Interest + MI left
- $367,601
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,422 | $178,422 | $242,422 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,194.99 | $1,194.99 | $1,678.48 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $48.48 |
| Taxes, insurance & HOA | $528.42 | $528.42 | $528.42 |
| Total housing payment | $1,723.41 | $2,238.37 | $2,255.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,478
Closing costs & prepaids$11,292
Usable credit−$0
Total buyer cash needed$38,770
Earnest money paid−$0
Remaining funds due$38,770
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$892.11
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)$1,135.25
Prepaid interest, first (2 days)$65.60
Prepaid interest, second (2 days)$31.56
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 11 moOf the original 30-year loan at 6.710%
Interest already paid$37,636Through Nov 2026
Assumption only · ends Oct 2053$207,561
Assumption + second · ends Oct 2053, second Dec 2056$328,946
New conventional · ends Dec 2056$367,601