Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,827/mo
Lowest payment- Down payment
- $263,692
- Funds due
- $275,767
- Interest + MI left
- $219,830
- First ends
- Feb 2053
Assumption
Assumption + second
$3,388/mo
+$1,562/mo- Down payment
- $45,692
- Funds due
- $59,063
- Interest + MI left
- $564,070
- First ends
- Feb 2053
New loan
New conventional
$3,437/mo
+$1,611/mo- Down payment
- $45,692
- Funds due
- $55,608
- Interest + MI left
- $620,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,303 | $191,303 | $409,303 |
| Second mortgage | — | $218,000 | — |
| First P&I | $1,305.18 | $1,305.18 | $2,833.93 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $81.86 |
| Taxes, insurance & HOA | $521.50 | $521.50 | $521.50 |
| Total housing payment | $1,826.68 | $3,388.46 | $3,437.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,692
Closing costs & prepaids$13,371
Usable credit−$0
Total buyer cash needed$59,063
Earnest money paid−$0
Remaining funds due$59,063
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%)$956.52
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)$626.50
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$35.69
Prepaid interest, second (1 days)$46.29
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 3 moOf the original 30-year loan at 6.810%
Interest already paid$50,036Through Nov 2026
Assumption only · ends Feb 2053$219,830
Assumption + second · ends Feb 2053, second Dec 2056$564,070
New conventional · ends Dec 2056$620,736