Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$913/mo
Lowest payment- Down payment
- $57,005
- Funds due
- $65,130
- Interest + MI left
- $79,062
- First ends
- Jul 2052
Assumption
Assumption + second
$1,219/mo
+$306/mo- Down payment
- $19,005
- Funds due
- $28,464
- Interest + MI left
- $151,134
- First ends
- Jul 2052
New loan
New conventional
$1,411/mo
+$498/mo- Down payment
- $19,005
- Funds due
- $25,658
- Interest + MI left
- $248,561
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,995 | $131,995 | $169,995 |
| Second mortgage | — | $38,000 | — |
| First P&I | $687.48 | $687.48 | $1,151.61 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $34.00 |
| Taxes, insurance & HOA | $225.58 | $225.58 | $225.58 |
| Total housing payment | $913.07 | $1,218.82 | $1,411.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,005
Closing costs & prepaids$9,459
Usable credit−$0
Total buyer cash needed$28,464
Earnest money paid−$0
Remaining funds due$28,464
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$659.98
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)$226.75
Prepaid interest, first (9 days)$130.19
Prepaid interest, second (9 days)$84.33
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 7 moOf the original 30-year loan at 4%
Interest already paid$24,431Through Dec 2026
Assumption only · ends Jul 2052$79,062
Assumption + second · ends Jul 2052, second Jan 2057$151,134
New conventional · ends Jan 2057$248,561