Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,243/mo
Lowest payment- Down payment
- $40,870
- Funds due
- $48,802
- Interest + MI left
- $194,664
- First ends
- Nov 2053
Assumption
Assumption + second
$1,559/mo
+$316/mo- Down payment
- $9,870
- Funds due
- $19,062
- Interest + MI left
- $277,384
- First ends
- Nov 2053
New loan
New conventional
$1,425/mo
+$181/mo- Down payment
- $9,870
- Funds due
- $16,220
- Interest + MI left
- $258,678
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,030 | $139,030 | $170,030 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,029.92 | $1,029.92 | $1,177.25 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $34.01 |
| Taxes, insurance & HOA | $213.50 | $213.50 | $213.50 |
| Total housing payment | $1,243.42 | $1,559.31 | $1,424.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,870
Closing costs & prepaids$9,192
Usable credit−$0
Total buyer cash needed$19,062
Earnest money paid−$0
Remaining funds due$19,062
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$695.15
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)$190.50
Prepaid interest, first (1 days)$29.71
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 closing27 yrOf the original 30-year loan at 7.800%
Interest already paid$33,037Through Nov 2026
Assumption only · ends Nov 2053$194,664
Assumption + second · ends Nov 2053, second Dec 2056$277,384
New conventional · ends Dec 2056$258,678