Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,167/mo
Lowest payment- Down payment
- $47,854
- Funds due
- $58,623
- Interest + MI left
- $316,389
- First ends
- May 2053
Assumption
Assumption + second
$2,482/mo
+$316/mo- Down payment
- $16,854
- Funds due
- $28,964
- Interest + MI left
- $399,109
- First ends
- May 2053
New loan
New conventional
$2,459/mo
+$292/mo- Down payment
- $16,854
- Funds due
- $25,348
- Interest + MI left
- $458,032
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,146 | $281,146 | $312,146 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,884.97 | $1,884.97 | $2,114.59 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $62.43 |
| Taxes, insurance & HOA | $281.58 | $281.58 | $281.58 |
| Total housing payment | $2,166.55 | $2,482.44 | $2,458.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,854
Closing costs & prepaids$12,110
Usable credit−$0
Total buyer cash needed$28,964
Earnest money paid−$0
Remaining funds due$28,964
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%)$1,405.73
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)$394.75
Prepaid interest, first (9 days)$461.00
Prepaid interest, second (9 days)$90.77
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 yr 5 moOf the original 30-year loan at 6.65%
Interest already paid$68,575Through Dec 2026
Assumption only · ends May 2053$316,389
Assumption + second · ends May 2053, second Jan 2057$399,109
New conventional · ends Jan 2057$458,032