Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,437/mo
Lowest payment- Down payment
- $199,378
- Funds due
- $209,934
- Interest + MI left
- $169,194
- First ends
- Nov 2052
Assumption
Assumption + second
$2,603/mo
+$1,167/mo- Down payment
- $40,378
- Funds due
- $52,254
- Interest + MI left
- $430,201
- First ends
- Nov 2052
New loan
New conventional
$2,794/mo
+$1,357/mo- Down payment
- $40,378
- Funds due
- $48,846
- Interest + MI left
- $537,737
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,622 | $195,622 | $354,622 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,169.28 | $1,169.28 | $2,455.33 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $70.92 |
| Taxes, insurance & HOA | $267.50 | $267.50 | $267.50 |
| Total housing payment | $1,436.78 | $2,603.47 | $2,793.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,378
Closing costs & prepaids$11,876
Usable credit−$0
Total buyer cash needed$52,254
Earnest money paid−$0
Remaining funds due$52,254
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$978.11
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)$352.50
Prepaid interest, first (2 days)$57.99
Prepaid interest, second (2 days)$69.70
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 5.410%
Interest already paid$43,748Through Nov 2026
Assumption only · ends Nov 2052$169,194
Assumption + second · ends Nov 2052, second Dec 2056$430,201
New conventional · ends Dec 2056$537,737