Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,147/mo
Lowest payment- Down payment
- $218,520
- Funds due
- $231,406
- Interest + MI left
- $270,137
- First ends
- Apr 2053
Assumption
Assumption + second
$3,394/mo
+$1,247/mo- Down payment
- $48,520
- Funds due
- $62,991
- Interest + MI left
- $549,201
- First ends
- Apr 2053
New loan
New conventional
$3,485/mo
+$1,338/mo- Down payment
- $48,520
- Funds due
- $59,174
- Interest + MI left
- $635,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,480 | $264,480 | $434,480 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,691.83 | $1,691.83 | $2,943.32 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $86.90 |
| Taxes, insurance & HOA | $454.83 | $454.83 | $454.83 |
| Total housing payment | $2,146.66 | $3,394.06 | $3,485.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,520
Closing costs & prepaids$14,471
Usable credit−$0
Total buyer cash needed$62,991
Earnest money paid−$0
Remaining funds due$62,991
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,830.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,322.40
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)$579.50
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$401.07
Prepaid interest, second (9 days)$335.34
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 4 moOf the original 30-year loan at 6.15%
Interest already paid$61,220Through Dec 2026
Assumption only · ends Apr 2053$270,137
Assumption + second · ends Apr 2053, second Jan 2057$549,201
New conventional · ends Jan 2057$635,282