Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,995/mo
Lowest payment- Down payment
- $146,471
- Funds due
- $156,420
- Interest + MI left
- $41,087
- First ends
- Aug 2037
Assumption
Assumption + second
$2,838/mo
+$844/mo- Down payment
- $31,471
- Funds due
- $42,721
- Interest + MI left
- $229,865
- First ends
- Aug 2037
New loan
New conventional
$2,393/mo
+$398/mo- Down payment
- $31,471
- Funds due
- $39,569
- Interest + MI left
- $422,352
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,529 | $163,529 | $278,529 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,586.17 | $1,586.17 | $1,928.48 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $55.71 |
| Taxes, insurance & HOA | $408.33 | $408.33 | $408.33 |
| Total housing payment | $1,994.50 | $2,838.33 | $2,392.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,471
Closing costs & prepaids$11,250
Usable credit−$0
Total buyer cash needed$42,721
Earnest money paid−$0
Remaining funds due$42,721
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$817.64
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)$775.00
Prepaid interest, first (2 days)$38.62
Prepaid interest, second (2 days)$50.41
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 closing10 yr 9 moOf the original 15-year loan at 4.310%
Interest already paid$34,424Through Nov 2026
Assumption only · ends Aug 2037$41,087
Assumption + second · ends Aug 2037, second Dec 2056$229,865
New conventional · ends Dec 2056$422,352