Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,523/mo
Lowest payment- Down payment
- $52,434
- Funds due
- $61,385
- Interest + MI left
- $208,165
- First ends
- Dec 2052
Assumption
Assumption + second
$1,749/mo
+$225/mo- Down payment
- $24,434
- Funds due
- $34,649
- Interest + MI left
- $261,271
- First ends
- Dec 2052
New loan
New conventional
$1,794/mo
+$271/mo- Down payment
- $24,434
- Funds due
- $31,429
- Interest + MI left
- $326,726
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,466 | $187,466 | $215,466 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,264.00 | $1,264.00 | $1,491.84 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $43.09 |
| Taxes, insurance & HOA | $259.42 | $259.42 | $259.42 |
| Total housing payment | $1,523.41 | $1,748.71 | $1,794.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,434
Closing costs & prepaids$10,215
Usable credit−$0
Total buyer cash needed$34,649
Earnest money paid−$0
Remaining funds due$34,649
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$937.33
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)$328.25
Prepaid interest, first (2 days)$68.41
Prepaid interest, second (2 days)$13.81
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 1 moOf the original 30-year loan at 6.660%
Interest already paid$50,181Through Nov 2026
Assumption only · ends Dec 2052$208,165
Assumption + second · ends Dec 2052, second Dec 2056$261,271
New conventional · ends Dec 2056$326,726