Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,347/mo
Lowest payment- Down payment
- $181,829
- Funds due
- $190,892
- Interest + MI left
- $12,441
- First ends
- Jun 2036
Assumption
Assumption + second
$2,462/mo
+$1,115/mo- Down payment
- $29,829
- Funds due
- $40,208
- Interest + MI left
- $261,957
- First ends
- Jun 2036
New loan
New conventional
$2,144/mo
+$797/mo- Down payment
- $29,829
- Funds due
- $37,329
- Interest + MI left
- $401,945
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,071 | $113,071 | $265,071 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,091.41 | $1,091.41 | $1,835.30 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | — | — | $53.01 |
| Taxes, insurance & HOA | $255.67 | $255.67 | $255.67 |
| Total housing payment | $1,347.08 | $2,462.40 | $2,143.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,829
Closing costs & prepaids$10,380
Usable credit−$0
Total buyer cash needed$40,208
Earnest money paid−$0
Remaining funds due$40,208
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$565.36
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)$317.00
Prepaid interest, first (2 days)$13.63
Prepaid interest, second (2 days)$66.63
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 closing9 yr 7 moOf the original 15-year loan at 2.200%
Interest already paid$16,813Through Nov 2026
Assumption only · ends Jun 2036$12,441
Assumption + second · ends Jun 2036, second Dec 2056$261,957
New conventional · ends Dec 2056$401,945