Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $247,146
- Funds due
- $257,892
- Interest + MI left
- $168,193
- First ends
- Nov 2053
Assumption
Assumption + second
$2,906/mo
+$1,490/mo- Down payment
- $39,146
- Funds due
- $51,186
- Interest + MI left
- $496,642
- First ends
- Nov 2053
New loan
New conventional
$2,935/mo
+$1,519/mo- Down payment
- $39,146
- Funds due
- $48,062
- Interest + MI left
- $524,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,854 | $137,854 | $345,854 |
| Second mortgage | — | $208,000 | — |
| First P&I | $944.59 | $944.59 | $2,394.62 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $69.17 |
| Taxes, insurance & HOA | $470.83 | $470.83 | $470.83 |
| Total housing payment | $1,415.42 | $2,905.56 | $2,934.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,146
Closing costs & prepaids$12,040
Usable credit−$0
Total buyer cash needed$51,186
Earnest money paid−$0
Remaining funds due$51,186
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$689.27
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)$962.50
Prepaid interest, first (1 days)$26.29
Prepaid interest, second (1 days)$44.16
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 closing27 yrOf the original 30-year loan at 6.960%
Interest already paid$29,305Through Nov 2026
Assumption only · ends Nov 2053$168,193
Assumption + second · ends Nov 2053, second Dec 2056$496,642
New conventional · ends Dec 2056$524,442