Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $163,360
- Funds due
- $173,695
- Interest + MI left
- $134,970
- First ends
- Oct 2052
Assumption
Assumption + second
$2,411/mo
+$961/mo- Down payment
- $32,360
- Funds due
- $44,002
- Interest + MI left
- $350,013
- First ends
- Oct 2052
New loan
New conventional
$2,562/mo
+$1,111/mo- Down payment
- $32,360
- Funds due
- $40,865
- Interest + MI left
- $436,168
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,640 | $156,640 | $287,640 |
| Second mortgage | — | $131,000 | — |
| First P&I | $937.65 | $937.65 | $1,991.56 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | — | — | $57.53 |
| Taxes, insurance & HOA | $512.41 | $512.41 | $512.41 |
| Total housing payment | $1,450.07 | $2,411.30 | $2,561.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,360
Closing costs & prepaids$11,642
Usable credit−$0
Total buyer cash needed$44,002
Earnest money paid−$0
Remaining funds due$44,002
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$783.20
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)$507.25
Initial HOA (3 months)$579.99
Prepaid interest, first (2 days)$46.43
Prepaid interest, second (2 days)$57.42
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 5.410%
Interest already paid$35,789Through Nov 2026
Assumption only · ends Oct 2052$134,970
Assumption + second · ends Oct 2052, second Dec 2056$350,013
New conventional · ends Dec 2056$436,168