Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,231/mo
Lowest payment- Down payment
- $198,258
- Funds due
- $208,091
- Interest + MI left
- $152,064
- First ends
- Dec 2052
Assumption
Assumption + second
$2,427/mo
+$1,196/mo- Down payment
- $35,258
- Funds due
- $46,377
- Interest + MI left
- $419,637
- First ends
- Dec 2052
New loan
New conventional
$2,503/mo
+$1,272/mo- Down payment
- $35,258
- Funds due
- $43,226
- Interest + MI left
- $477,327
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,742 | $151,742 | $314,742 |
| Second mortgage | — | $163,000 | — |
| First P&I | $970.63 | $970.63 | $2,179.21 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $62.95 |
| Taxes, insurance & HOA | $260.50 | $260.50 | $260.50 |
| Total housing payment | $1,231.13 | $2,427.16 | $2,502.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,258
Closing costs & prepaids$11,119
Usable credit−$0
Total buyer cash needed$46,377
Earnest money paid−$0
Remaining funds due$46,377
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$758.71
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)$331.50
Prepaid interest, first (1 days)$25.40
Prepaid interest, second (1 days)$35.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 1 moOf the original 30-year loan at 6.110%
Interest already paid$37,362Through Nov 2026
Assumption only · ends Dec 2052$152,064
Assumption + second · ends Dec 2052, second Dec 2056$419,637
New conventional · ends Dec 2056$477,327