Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,641/mo
Lowest payment- Down payment
- $45,184
- Funds due
- $54,609
- Interest + MI left
- $224,926
- First ends
- May 2053
Assumption
Assumption + second
$1,967/mo
+$326/mo- Down payment
- $13,184
- Funds due
- $23,922
- Interest + MI left
- $310,315
- First ends
- May 2053
New loan
New conventional
$1,975/mo
+$334/mo- Down payment
- $13,184
- Funds due
- $20,680
- Interest + MI left
- $362,219
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,816 | $214,816 | $246,816 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,387.20 | $1,387.20 | $1,672.02 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $49.36 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $1,641.20 | $1,967.28 | $1,975.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,184
Closing costs & prepaids$10,738
Usable credit−$0
Total buyer cash needed$23,922
Earnest money paid−$0
Remaining funds due$23,922
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,074.08
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)$312.00
Prepaid interest, first (6 days)$221.05
Prepaid interest, second (6 days)$62.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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$49,405Through Dec 2026
Assumption only · ends May 2053$224,926
Assumption + second · ends May 2053, second Jan 2057$310,315
New conventional · ends Jan 2057$362,219