Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,319/mo
Lowest payment- Down payment
- $240,526
- Funds due
- $250,993
- Interest + MI left
- $161,652
- First ends
- Sep 2053
Assumption
Assumption + second
$2,766/mo
+$1,447/mo- Down payment
- $38,526
- Funds due
- $50,329
- Interest + MI left
- $480,627
- First ends
- Sep 2053
New loan
New conventional
$2,816/mo
+$1,497/mo- Down payment
- $38,526
- Funds due
- $47,205
- Interest + MI left
- $517,800
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,474 | $139,474 | $341,474 |
| Second mortgage | — | $202,000 | — |
| First P&I | $935.17 | $935.17 | $2,364.30 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $68.29 |
| Taxes, insurance & HOA | $383.50 | $383.50 | $383.50 |
| Total housing payment | $1,318.67 | $2,765.83 | $2,816.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,526
Closing costs & prepaids$11,803
Usable credit−$0
Total buyer cash needed$50,329
Earnest money paid−$0
Remaining funds due$50,329
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$697.37
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)$358.50
Initial HOA (3 months)$342.00
Prepaid interest, first (2 days)$51.28
Prepaid interest, second (2 days)$85.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 6.710%
Interest already paid$30,234Through Nov 2026
Assumption only · ends Sep 2053$161,652
Assumption + second · ends Sep 2053, second Dec 2056$480,627
New conventional · ends Dec 2056$517,800