Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,955/mo
Lowest payment- Down payment
- $46,855
- Funds due
- $56,848
- Interest + MI left
- $259,090
- First ends
- Oct 2053
Assumption
Assumption + second
$2,291/mo
+$336/mo- Down payment
- $13,855
- Funds due
- $25,120
- Interest + MI left
- $347,147
- First ends
- Oct 2053
New loan
New conventional
$2,246/mo
+$291/mo- Down payment
- $13,855
- Funds due
- $21,869
- Interest + MI left
- $374,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,145 | $213,145 | $246,145 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,462.03 | $1,462.03 | $1,704.26 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $49.23 |
| Taxes, insurance & HOA | $492.67 | $492.67 | $492.67 |
| Total housing payment | $1,954.69 | $2,290.96 | $2,246.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,855
Closing costs & prepaids$11,264
Usable credit−$0
Total buyer cash needed$25,120
Earnest money paid−$0
Remaining funds due$25,120
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,065.72
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)$1,028.00
Prepaid interest, first (2 days)$81.29
Prepaid interest, second (2 days)$21.47
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 6.960%
Interest already paid$46,596Through Nov 2026
Assumption only · ends Oct 2053$259,090
Assumption + second · ends Oct 2053, second Dec 2056$347,147
New conventional · ends Dec 2056$374,526