Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,036/mo
Lowest payment- Down payment
- $54,932
- Funds due
- $63,134
- Interest + MI left
- $115,945
- First ends
- Oct 2052
Assumption
Assumption + second
$1,317/mo
+$282/mo- Down payment
- $19,932
- Funds due
- $29,461
- Interest + MI left
- $182,327
- First ends
- Oct 2052
New loan
New conventional
$1,412/mo
+$376/mo- Down payment
- $19,932
- Funds due
- $26,587
- Interest + MI left
- $248,566
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,068 | $135,068 | $170,068 |
| Second mortgage | — | $35,000 | — |
| First P&I | $809.72 | $809.72 | $1,152.10 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $34.01 |
| Taxes, insurance & HOA | $226.00 | $226.00 | $226.00 |
| Total housing payment | $1,035.72 | $1,317.33 | $1,412.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,932
Closing costs & prepaids$9,529
Usable credit−$0
Total buyer cash needed$29,461
Earnest money paid−$0
Remaining funds due$29,461
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$675.34
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)$228.00
Prepaid interest, first (9 days)$180.18
Prepaid interest, second (9 days)$77.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 5.41%
Interest already paid$31,516Through Dec 2026
Assumption only · ends Oct 2052$115,945
Assumption + second · ends Oct 2052, second Jan 2057$182,327
New conventional · ends Jan 2057$248,566