Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,499/mo
Lowest payment- Down payment
- $82,497
- Funds due
- $92,097
- Interest + MI left
- $160,108
- First ends
- Jul 2052
Assumption
Assumption + second
$1,934/mo
+$434/mo- Down payment
- $28,497
- Funds due
- $39,374
- Interest + MI left
- $262,526
- First ends
- Jul 2052
New loan
New conventional
$2,111/mo
+$611/mo- Down payment
- $28,497
- Funds due
- $36,100
- Interest + MI left
- $373,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,503 | $192,503 | $246,503 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,144.84 | $1,144.84 | $1,706.74 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $49.30 |
| Taxes, insurance & HOA | $354.50 | $354.50 | $354.50 |
| Total housing payment | $1,499.34 | $1,933.83 | $2,110.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,497
Closing costs & prepaids$10,877
Usable credit−$0
Total buyer cash needed$39,374
Earnest money paid−$0
Remaining funds due$39,374
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$962.51
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)$613.50
Prepaid interest, first (2 days)$55.90
Prepaid interest, second (2 days)$26.63
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 8 moOf the original 30-year loan at 5.300%
Interest already paid$45,870Through Nov 2026
Assumption only · ends Jul 2052$160,108
Assumption + second · ends Jul 2052, second Dec 2056$262,526
New conventional · ends Dec 2056$373,740