Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,987/mo
Lowest payment- Down payment
- $148,874
- Funds due
- $159,921
- Interest + MI left
- $241,173
- First ends
- Jan 2053
Assumption
Assumption + second
$2,816/mo
+$829/mo- Down payment
- $35,874
- Funds due
- $48,196
- Interest + MI left
- $426,669
- First ends
- Jan 2053
New loan
New conventional
$2,816/mo
+$829/mo- Down payment
- $35,874
- Funds due
- $44,788
- Interest + MI left
- $476,255
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,076 | $201,076 | $314,076 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,408.44 | $1,408.44 | $2,174.60 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $62.82 |
| Taxes, insurance & HOA | $578.33 | $578.33 | $578.33 |
| Total housing payment | $1,986.77 | $2,815.92 | $2,815.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,874
Closing costs & prepaids$12,322
Usable credit−$0
Total buyer cash needed$48,196
Earnest money paid−$0
Remaining funds due$48,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,005.38
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)$1,000.00
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$39.00
Prepaid interest, second (1 days)$24.77
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 2 moOf the original 30-year loan at 7.080%
Interest already paid$55,864Through Nov 2026
Assumption only · ends Jan 2053$241,173
Assumption + second · ends Jan 2053, second Dec 2056$426,669
New conventional · ends Dec 2056$476,255