Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,571/mo
Lowest payment- Down payment
- $122,288
- Funds due
- $134,587
- Interest + MI left
- $102,533
- First ends
- Oct 2040
Assumption
Assumption + second
$3,295/mo
+$724/mo- Down payment
- $32,288
- Funds due
- $46,503
- Interest + MI left
- $273,231
- First ends
- Oct 2040
New loan
New conventional
$2,812/mo
+$241/mo- Down payment
- $32,288
- Funds due
- $43,177
- Interest + MI left
- $436,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,712 | $197,712 | $287,712 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,808.71 | $1,808.71 | $1,992.06 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $57.54 |
| Taxes, insurance & HOA | $762.17 | $762.17 | $762.17 |
| Total housing payment | $2,570.87 | $3,295.03 | $2,811.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,288
Closing costs & prepaids$14,215
Usable credit−$0
Total buyer cash needed$46,503
Earnest money paid−$0
Remaining funds due$46,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$988.56
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)$1,836.50
Prepaid interest, first (30 days)$1,056.27
Prepaid interest, second (30 days)$665.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 30 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 closing13 yr 10 moOf the original 15-year loan at 6.500%
Interest already paid$15,401Through Dec 2026
Assumption only · ends Oct 2040$102,533
Assumption + second · ends Oct 2040, second Jan 2057$273,231
New conventional · ends Jan 2057$436,335