Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,359/mo
Lowest payment- Down payment
- $82,738
- Funds due
- $91,965
- Interest + MI left
- $144,036
- First ends
- Oct 2052
Assumption
Assumption + second
$1,818/mo
+$459/mo- Down payment
- $25,738
- Funds due
- $36,243
- Interest + MI left
- $252,145
- First ends
- Oct 2052
New loan
New conventional
$1,955/mo
+$596/mo- Down payment
- $25,738
- Funds due
- $33,120
- Interest + MI left
- $339,867
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,162 | $167,162 | $224,162 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,000.64 | $1,000.64 | $1,552.05 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $44.83 |
| Taxes, insurance & HOA | $358.25 | $358.25 | $358.25 |
| Total housing payment | $1,358.89 | $1,817.52 | $1,955.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,738
Closing costs & prepaids$10,505
Usable credit−$0
Total buyer cash needed$36,243
Earnest money paid−$0
Remaining funds due$36,243
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$835.81
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)$624.75
Prepaid interest, first (2 days)$49.55
Prepaid interest, second (2 days)$28.11
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$38,193Through Nov 2026
Assumption only · ends Oct 2052$144,036
Assumption + second · ends Oct 2052, second Dec 2056$252,145
New conventional · ends Dec 2056$339,867