Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,128/mo
Lowest payment- Down payment
- $47,529
- Funds due
- $57,773
- Interest + MI left
- $317,949
- First ends
- May 2053
Assumption
Assumption + second
$2,444/mo
+$316/mo- Down payment
- $16,529
- Funds due
- $28,033
- Interest + MI left
- $400,669
- First ends
- May 2053
New loan
New conventional
$2,469/mo
+$341/mo- Down payment
- $16,529
- Funds due
- $24,420
- Interest + MI left
- $475,571
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,471 | $281,471 | $312,471 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,884.97 | $1,884.97 | $2,163.49 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $62.49 |
| Taxes, insurance & HOA | $242.67 | $242.67 | $242.67 |
| Total housing payment | $2,127.64 | $2,443.53 | $2,468.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,529
Closing costs & prepaids$11,505
Usable credit−$0
Total buyer cash needed$28,033
Earnest money paid−$0
Remaining funds due$28,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,407.36
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)$278.00
Prepaid interest, first (1 days)$51.28
Prepaid interest, second (1 days)$10.09
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 6.650%
Interest already paid$67,015Through Nov 2026
Assumption only · ends May 2053$317,949
Assumption + second · ends May 2053, second Dec 2056$400,669
New conventional · ends Dec 2056$475,571