Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,501/mo
Lowest payment- Down payment
- $45,689
- Funds due
- $54,867
- Interest + MI left
- $203,456
- First ends
- May 2053
Assumption
Assumption + second
$1,837/mo
+$336/mo- Down payment
- $12,689
- Funds due
- $23,213
- Interest + MI left
- $291,513
- First ends
- May 2053
New loan
New conventional
$1,831/mo
+$331/mo- Down payment
- $12,689
- Funds due
- $20,078
- Interest + MI left
- $333,548
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,311 | $194,311 | $227,311 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,254.78 | $1,254.78 | $1,539.88 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $45.46 |
| Taxes, insurance & HOA | $246.00 | $246.00 | $246.00 |
| Total housing payment | $1,500.78 | $1,837.05 | $1,831.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,689
Closing costs & prepaids$10,524
Usable credit−$0
Total buyer cash needed$23,213
Earnest money paid−$0
Remaining funds due$23,213
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$971.55
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)$288.00
Prepaid interest, first (9 days)$299.93
Prepaid interest, second (9 days)$96.63
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 6.26%
Interest already paid$44,689Through Dec 2026
Assumption only · ends May 2053$203,456
Assumption + second · ends May 2053, second Jan 2057$291,513
New conventional · ends Jan 2057$333,548