Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,800/mo
Lowest payment- Down payment
- $263,912
- Funds due
- $276,190
- Interest + MI left
- $218,744
- First ends
- Feb 2053
Assumption
Assumption + second
$3,362/mo
+$1,562/mo- Down payment
- $45,912
- Funds due
- $59,856
- Interest + MI left
- $562,984
- First ends
- Feb 2053
New loan
New conventional
$3,348/mo
+$1,548/mo- Down payment
- $45,912
- Funds due
- $56,386
- Interest + MI left
- $598,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,083 | $191,083 | $409,083 |
| Second mortgage | — | $218,000 | — |
| First P&I | $1,305.18 | $1,305.18 | $2,771.27 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $81.82 |
| Taxes, insurance & HOA | $494.67 | $494.67 | $494.67 |
| Total housing payment | $1,799.85 | $3,361.63 | $3,347.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,912
Closing costs & prepaids$13,945
Usable credit−$0
Total buyer cash needed$59,856
Earnest money paid−$0
Remaining funds due$59,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,549.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$955.42
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)$546.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$320.86
Prepaid interest, second (9 days)$416.59
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 2 moOf the original 30-year loan at 6.81%
Interest already paid$51,122Through Dec 2026
Assumption only · ends Feb 2053$218,744
Assumption + second · ends Feb 2053, second Jan 2057$562,984
New conventional · ends Jan 2057$598,147