Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,572/mo
Lowest payment- Down payment
- $45,450
- Funds due
- $54,576
- Interest + MI left
- $204,470
- First ends
- May 2053
Assumption
Assumption + second
$1,908/mo
+$336/mo- Down payment
- $12,450
- Funds due
- $22,836
- Interest + MI left
- $292,528
- First ends
- May 2053
New loan
New conventional
$1,938/mo
+$366/mo- Down payment
- $12,450
- Funds due
- $19,699
- Interest + MI left
- $346,278
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,550 | $194,550 | $227,550 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,254.78 | $1,254.78 | $1,575.51 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $45.51 |
| Taxes, insurance & HOA | $317.33 | $317.33 | $317.33 |
| Total housing payment | $1,572.12 | $1,908.39 | $1,938.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,450
Closing costs & prepaids$10,387
Usable credit−$0
Total buyer cash needed$22,836
Earnest money paid−$0
Remaining funds due$22,836
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%)$972.75
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)$502.00
Prepaid interest, first (1 days)$33.37
Prepaid interest, second (1 days)$10.74
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$43,674Through Nov 2026
Assumption only · ends May 2053$204,470
Assumption + second · ends May 2053, second Dec 2056$292,528
New conventional · ends Dec 2056$346,278