Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,634/mo
Lowest payment- Down payment
- $155,080
- Funds due
- $165,622
- Interest + MI left
- $225,266
- First ends
- Jun 2053
Assumption
Assumption + second
$2,507/mo
+$873/mo- Down payment
- $36,080
- Funds due
- $48,107
- Interest + MI left
- $420,611
- First ends
- Jun 2053
New loan
New conventional
$2,526/mo
+$892/mo- Down payment
- $36,080
- Funds due
- $44,702
- Interest + MI left
- $468,229
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,230 | $201,230 | $320,230 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,341.18 | $1,341.18 | $2,169.35 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $64.05 |
| Taxes, insurance & HOA | $292.50 | $292.50 | $292.50 |
| Total housing payment | $1,633.68 | $2,506.86 | $2,525.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,080
Closing costs & prepaids$12,027
Usable credit−$0
Total buyer cash needed$48,107
Earnest money paid−$0
Remaining funds due$48,107
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%)$1,006.15
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)$427.50
Prepaid interest, first (9 days)$327.48
Prepaid interest, second (9 days)$234.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 6.6%
Interest already paid$47,560Through Dec 2026
Assumption only · ends Jun 2053$225,266
Assumption + second · ends Jun 2053, second Jan 2057$420,611
New conventional · ends Jan 2057$468,229