Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,094/mo
Lowest payment- Down payment
- $81,430
- Funds due
- $89,736
- Interest + MI left
- $143,980
- First ends
- Oct 2053
Assumption
Assumption + second
$1,576/mo
+$483/mo- Down payment
- $21,430
- Funds due
- $31,015
- Interest + MI left
- $257,779
- First ends
- Oct 2053
New loan
New conventional
$1,593/mo
+$500/mo- Down payment
- $21,430
- Funds due
- $28,117
- Interest + MI left
- $285,941
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,570 | $128,570 | $188,570 |
| Second mortgage | — | $60,000 | — |
| First P&I | $843.81 | $843.81 | $1,305.62 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $37.71 |
| Taxes, insurance & HOA | $249.83 | $249.83 | $249.83 |
| Total housing payment | $1,093.64 | $1,576.42 | $1,593.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,430
Closing costs & prepaids$9,586
Usable credit−$0
Total buyer cash needed$31,015
Earnest money paid−$0
Remaining funds due$31,015
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$642.85
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)$299.50
Prepaid interest, first (2 days)$45.79
Prepaid interest, second (2 days)$29.59
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 6.500%
Interest already paid$26,291Through Nov 2026
Assumption only · ends Oct 2053$143,980
Assumption + second · ends Oct 2053, second Dec 2056$257,779
New conventional · ends Dec 2056$285,941