Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,005/mo
Lowest payment- Down payment
- $54,732
- Funds due
- $62,683
- Interest + MI left
- $116,554
- First ends
- Oct 2052
Assumption
Assumption + second
$1,287/mo
+$282/mo- Down payment
- $19,732
- Funds due
- $28,942
- Interest + MI left
- $182,937
- First ends
- Oct 2052
New loan
New conventional
$1,409/mo
+$403/mo- Down payment
- $19,732
- Funds due
- $26,031
- Interest + MI left
- $258,155
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,268 | $135,268 | $170,268 |
| Second mortgage | — | $35,000 | — |
| First P&I | $809.72 | $809.72 | $1,178.90 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $34.05 |
| Taxes, insurance & HOA | $195.58 | $195.58 | $195.58 |
| Total housing payment | $1,005.30 | $1,286.92 | $1,408.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,732
Closing costs & prepaids$9,210
Usable credit−$0
Total buyer cash needed$28,942
Earnest money paid−$0
Remaining funds due$28,942
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$676.34
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)$136.75
Prepaid interest, first (1 days)$20.05
Prepaid interest, second (1 days)$8.63
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 closing25 yr 11 moOf the original 30-year loan at 5.410%
Interest already paid$30,906Through Nov 2026
Assumption only · ends Oct 2052$116,554
Assumption + second · ends Oct 2052, second Dec 2056$182,937
New conventional · ends Dec 2056$258,155