Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,214/mo
Lowest payment- Down payment
- $50,986
- Funds due
- $59,417
- Interest + MI left
- $134,905
- First ends
- Sep 2052
Assumption
Assumption + second
$1,464/mo
+$249/mo- Down payment
- $19,986
- Funds due
- $29,682
- Interest + MI left
- $193,701
- First ends
- Sep 2052
New loan
New conventional
$1,563/mo
+$349/mo- Down payment
- $19,986
- Funds due
- $26,726
- Interest + MI left
- $266,144
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,514 | $144,514 | $175,514 |
| Second mortgage | — | $31,000 | — |
| First P&I | $901.35 | $901.35 | $1,215.22 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $35.10 |
| Taxes, insurance & HOA | $312.92 | $312.92 | $312.92 |
| Total housing payment | $1,214.27 | $1,463.70 | $1,563.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,986
Closing costs & prepaids$9,696
Usable credit−$0
Total buyer cash needed$29,682
Earnest money paid−$0
Remaining funds due$29,682
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,955.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$722.57
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)$488.75
Prepaid interest, first (2 days)$46.01
Prepaid interest, second (2 days)$15.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 5.810%
Interest already paid$36,131Through Nov 2026
Assumption only · ends Sep 2052$134,905
Assumption + second · ends Sep 2052, second Dec 2056$193,701
New conventional · ends Dec 2056$266,144