Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,315/mo
Lowest payment- Down payment
- $37,077
- Funds due
- $45,722
- Interest + MI left
- $141,253
- First ends
- Oct 2052
Assumption
Assumption + second
$1,580/mo
+$265/mo- Down payment
- $11,077
- Funds due
- $20,980
- Interest + MI left
- $210,631
- First ends
- Oct 2052
New loan
New conventional
$1,702/mo
+$387/mo- Down payment
- $11,077
- Funds due
- $17,993
- Interest + MI left
- $295,067
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,923 | $167,923 | $193,923 |
| Second mortgage | — | $26,000 | — |
| First P&I | $994.13 | $994.13 | $1,342.68 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $38.78 |
| Taxes, insurance & HOA | $320.83 | $320.83 | $320.83 |
| Total housing payment | $1,314.97 | $1,579.91 | $1,702.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,077
Closing costs & prepaids$9,903
Usable credit−$0
Total buyer cash needed$20,980
Earnest money paid−$0
Remaining funds due$20,980
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$839.61
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)$512.50
Prepaid interest, first (1 days)$24.38
Prepaid interest, second (1 days)$8.46
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 5.300%
Interest already paid$37,610Through Nov 2026
Assumption only · ends Oct 2052$141,253
Assumption + second · ends Oct 2052, second Dec 2056$210,631
New conventional · ends Dec 2056$295,067