Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,599/mo
Lowest payment- Down payment
- $54,653
- Funds due
- $63,652
- Interest + MI left
- $244,614
- First ends
- Jan 2053
Assumption
Assumption + second
$1,824/mo
+$225/mo- Down payment
- $26,653
- Funds due
- $36,916
- Interest + MI left
- $297,720
- First ends
- Jan 2053
New loan
New conventional
$1,848/mo
+$249/mo- Down payment
- $26,653
- Funds due
- $33,558
- Interest + MI left
- $361,469
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,347 | $210,347 | $238,347 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,448.92 | $1,448.92 | $1,650.27 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $47.67 |
| Taxes, insurance & HOA | $150.00 | $150.00 | $150.00 |
| Total housing payment | $1,598.92 | $1,824.21 | $1,847.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,653
Closing costs & prepaids$10,263
Usable credit−$0
Total buyer cash needed$36,916
Earnest money paid−$0
Remaining funds due$36,916
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,051.73
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Prepaid interest, first (2 days)$79.53
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$56,997Through Nov 2026
Assumption only · ends Jan 2053$244,614
Assumption + second · ends Jan 2053, second Dec 2056$297,720
New conventional · ends Dec 2056$361,469