Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,942/mo
Lowest payment- Down payment
- $68,188
- Funds due
- $78,292
- Interest + MI left
- $292,078
- First ends
- Jul 2053
Assumption
Assumption + second
$2,223/mo
+$282/mo- Down payment
- $33,188
- Funds due
- $44,559
- Interest + MI left
- $358,461
- First ends
- Jul 2053
New loan
New conventional
$2,325/mo
+$384/mo- Down payment
- $33,188
- Funds due
- $40,884
- Interest + MI left
- $450,135
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,812 | $261,812 | $296,812 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,730.91 | $1,730.91 | $2,055.07 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $59.36 |
| Taxes, insurance & HOA | $210.83 | $210.83 | $210.83 |
| Total housing payment | $1,941.74 | $2,223.36 | $2,325.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,188
Closing costs & prepaids$11,371
Usable credit−$0
Total buyer cash needed$44,559
Earnest money paid−$0
Remaining funds due$44,559
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,309.06
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)$182.50
Prepaid interest, first (2 days)$93.82
Prepaid interest, second (2 days)$17.26
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 8 moOf the original 30-year loan at 6.540%
Interest already paid$58,336Through Nov 2026
Assumption only · ends Jul 2053$292,078
Assumption + second · ends Jul 2053, second Dec 2056$358,461
New conventional · ends Dec 2056$450,135