Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,466/mo
Lowest payment- Down payment
- $203,618
- Funds due
- $214,748
- Interest + MI left
- $26,673
- First ends
- Oct 2036
Assumption
Assumption + second
$3,632/mo
+$1,167/mo- Down payment
- $44,618
- Funds due
- $57,033
- Interest + MI left
- $287,680
- First ends
- Oct 2036
New loan
New conventional
$3,072/mo
+$606/mo- Down payment
- $44,618
- Funds due
- $53,393
- Interest + MI left
- $599,393
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,282 | $236,282 | $395,282 |
| Second mortgage | — | $159,000 | — |
| First P&I | $2,209.71 | $2,209.71 | $2,736.85 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $79.06 |
| Taxes, insurance & HOA | $255.83 | $255.83 | $255.83 |
| Total housing payment | $2,465.54 | $3,632.22 | $3,071.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,618
Closing costs & prepaids$12,415
Usable credit−$0
Total buyer cash needed$57,033
Earnest money paid−$0
Remaining funds due$57,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,181.41
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)$317.50
Prepaid interest, first (1 days)$14.11
Prepaid interest, second (1 days)$34.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing9 yr 11 moOf the original 15-year loan at 2.180%
Interest already paid$32,074Through Nov 2026
Assumption only · ends Oct 2036$26,673
Assumption + second · ends Oct 2036, second Dec 2056$287,680
New conventional · ends Dec 2056$599,393