Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,762/mo
Lowest payment- Down payment
- $150,824
- Funds due
- $164,609
- Interest + MI left
- $382,132
- First ends
- May 2053
Assumption
Assumption + second
$3,551/mo
+$789/mo- Down payment
- $52,824
- Funds due
- $68,076
- Interest + MI left
- $568,003
- First ends
- May 2053
New loan
New conventional
$3,670/mo
+$907/mo- Down payment
- $52,824
- Funds due
- $63,687
- Interest + MI left
- $690,399
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,176 | $374,176 | $472,176 |
| Second mortgage | — | $98,000 | — |
| First P&I | $2,385.83 | $2,385.83 | $3,198.68 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $94.44 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $2,762.50 | $3,551.03 | $3,669.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,824
Closing costs & prepaids$15,252
Usable credit−$0
Total buyer cash needed$68,076
Earnest money paid−$0
Remaining funds due$68,076
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,870.88
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Prepaid interest, first (9 days)$565.57
Prepaid interest, second (9 days)$217.48
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 5 moOf the original 30-year loan at 6.13%
Interest already paid$84,318Through Dec 2026
Assumption only · ends May 2053$382,132
Assumption + second · ends May 2053, second Jan 2057$568,003
New conventional · ends Jan 2057$690,399