Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,303/mo
Lowest payment- Down payment
- $39,773
- Funds due
- $48,513
- Interest + MI left
- $133,781
- First ends
- Oct 2052
Assumption
Assumption + second
$1,598/mo
+$296/mo- Down payment
- $10,773
- Funds due
- $20,782
- Interest + MI left
- $211,165
- First ends
- Oct 2052
New loan
New conventional
$1,744/mo
+$442/mo- Down payment
- $10,773
- Funds due
- $17,796
- Interest + MI left
- $303,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,227 | $170,227 | $199,227 |
| Second mortgage | — | $29,000 | — |
| First P&I | $977.52 | $977.52 | $1,379.41 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $39.85 |
| Taxes, insurance & HOA | $325.00 | $325.00 | $325.00 |
| Total housing payment | $1,302.52 | $1,598.03 | $1,744.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,773
Closing costs & prepaids$10,010
Usable credit−$0
Total buyer cash needed$20,782
Earnest money paid−$0
Remaining funds due$20,782
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$851.14
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)$525.00
Prepaid interest, first (2 days)$46.64
Prepaid interest, second (2 days)$18.87
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 11 moOf the original 30-year loan at 5.000%
Interest already paid$36,032Through Nov 2026
Assumption only · ends Oct 2052$133,781
Assumption + second · ends Oct 2052, second Dec 2056$211,165
New conventional · ends Dec 2056$303,177