Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,261/mo
Lowest payment- Down payment
- $198,456
- Funds due
- $208,580
- Interest + MI left
- $151,291
- First ends
- Dec 2052
Assumption
Assumption + second
$2,457/mo
+$1,196/mo- Down payment
- $35,456
- Funds due
- $47,151
- Interest + MI left
- $418,864
- First ends
- Dec 2052
New loan
New conventional
$2,484/mo
+$1,223/mo- Down payment
- $35,456
- Funds due
- $44,003
- Interest + MI left
- $459,915
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,544 | $151,544 | $314,544 |
| Second mortgage | — | $163,000 | — |
| First P&I | $970.63 | $970.63 | $2,130.83 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $62.91 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,260.63 | $2,456.66 | $2,483.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,456
Closing costs & prepaids$11,696
Usable credit−$0
Total buyer cash needed$47,151
Earnest money paid−$0
Remaining funds due$47,151
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$757.72
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)$420.00
Prepaid interest, first (9 days)$228.31
Prepaid interest, second (9 days)$321.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 yrOf the original 30-year loan at 6.11%
Interest already paid$38,134Through Dec 2026
Assumption only · ends Dec 2052$151,291
Assumption + second · ends Dec 2052, second Jan 2057$418,864
New conventional · ends Jan 2057$459,915