Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,241/mo
Lowest payment- Down payment
- $42,318
- Funds due
- $50,870
- Interest + MI left
- $130,789
- First ends
- Nov 2052
Assumption
Assumption + second
$1,567/mo
+$326/mo- Down payment
- $10,318
- Funds due
- $20,140
- Interest + MI left
- $216,178
- First ends
- Nov 2052
New loan
New conventional
$1,668/mo
+$427/mo- Down payment
- $10,318
- Funds due
- $17,217
- Interest + MI left
- $288,650
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,681 | $157,681 | $189,681 |
| Second mortgage | — | $32,000 | — |
| First P&I | $924.58 | $924.58 | $1,313.31 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $37.94 |
| Taxes, insurance & HOA | $316.67 | $316.67 | $316.67 |
| Total housing payment | $1,241.25 | $1,567.33 | $1,667.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,318
Closing costs & prepaids$9,822
Usable credit−$0
Total buyer cash needed$20,140
Earnest money paid−$0
Remaining funds due$20,140
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$788.40
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)$500.00
Prepaid interest, first (2 days)$45.10
Prepaid interest, second (2 days)$20.82
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$34,061Through Nov 2026
Assumption only · ends Nov 2052$130,789
Assumption + second · ends Nov 2052, second Dec 2056$216,178
New conventional · ends Dec 2056$288,650