Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,094/mo
Lowest payment- Down payment
- $66,367
- Funds due
- $76,924
- Interest + MI left
- $282,243
- First ends
- Jan 2053
Assumption
Assumption + second
$2,375/mo
+$282/mo- Down payment
- $31,367
- Funds due
- $43,217
- Interest + MI left
- $348,626
- First ends
- Jan 2053
New loan
New conventional
$2,357/mo
+$263/mo- Down payment
- $31,367
- Funds due
- $39,643
- Interest + MI left
- $407,408
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,633 | $243,633 | $278,633 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,680.12 | $1,680.12 | $1,887.56 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $55.73 |
| Taxes, insurance & HOA | $413.50 | $413.50 | $413.50 |
| Total housing payment | $2,093.62 | $2,375.23 | $2,356.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,367
Closing costs & prepaids$11,850
Usable credit−$0
Total buyer cash needed$43,217
Earnest money paid−$0
Remaining funds due$43,217
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,218.16
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)$790.50
Prepaid interest, first (5 days)$230.28
Prepaid interest, second (5 days)$43.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.9%
Interest already paid$67,494Through Dec 2026
Assumption only · ends Jan 2053$282,243
Assumption + second · ends Jan 2053, second Jan 2057$348,626
New conventional · ends Jan 2057$407,408