Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,545/mo
Lowest payment- Down payment
- $154,847
- Funds due
- $164,868
- Interest + MI left
- $226,374
- First ends
- Jun 2053
Assumption
Assumption + second
$2,418/mo
+$873/mo- Down payment
- $35,847
- Funds due
- $47,170
- Interest + MI left
- $421,719
- First ends
- Jun 2053
New loan
New conventional
$2,486/mo
+$942/mo- Down payment
- $35,847
- Funds due
- $43,767
- Interest + MI left
- $486,004
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,463 | $201,463 | $320,463 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,341.18 | $1,341.18 | $2,218.82 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $64.09 |
| Taxes, insurance & HOA | $203.42 | $203.42 | $203.42 |
| Total housing payment | $1,544.60 | $2,417.78 | $2,486.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,847
Closing costs & prepaids$11,324
Usable credit−$0
Total buyer cash needed$47,170
Earnest money paid−$0
Remaining funds due$47,170
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,563.10
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,007.32
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)$160.25
Prepaid interest, first (2 days)$72.86
Prepaid interest, second (2 days)$52.16
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 7 moOf the original 30-year loan at 6.600%
Interest already paid$46,452Through Nov 2026
Assumption only · ends Jun 2053$226,374
Assumption + second · ends Jun 2053, second Dec 2056$421,719
New conventional · ends Dec 2056$486,004