Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,412/mo
Lowest payment- Down payment
- $198,914
- Funds due
- $209,661
- Interest + MI left
- $65,416
- First ends
- Jan 2047
Assumption
Assumption + second
$2,564/mo
+$1,152/mo- Down payment
- $41,914
- Funds due
- $53,945
- Interest + MI left
- $323,139
- First ends
- Jan 2047
New loan
New conventional
$2,891/mo
+$1,480/mo- Down payment
- $41,914
- Funds due
- $50,452
- Interest + MI left
- $558,154
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,086 | $211,086 | $368,086 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,142.57 | $1,142.57 | $2,548.55 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $73.62 |
| Taxes, insurance & HOA | $269.17 | $269.17 | $269.17 |
| Total housing payment | $1,411.74 | $2,563.75 | $2,891.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,914
Closing costs & prepaids$12,032
Usable credit−$0
Total buyer cash needed$53,945
Earnest money paid−$0
Remaining funds due$53,945
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,055.43
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)$357.50
Prepaid interest, first (1 days)$16.19
Prepaid interest, second (1 days)$34.41
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 closing20 yr 2 moOf the original 26-year loan at 2.800%
Interest already paid$38,044Through Nov 2026
Assumption only · ends Jan 2047$65,416
Assumption + second · ends Jan 2047, second Dec 2056$323,139
New conventional · ends Dec 2056$558,154