Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,634/mo
Lowest payment- Down payment
- $145,125
- Funds due
- $154,509
- Interest + MI left
- $14,998
- First ends
- Oct 2036
Assumption
Assumption + second
$2,493/mo
+$859/mo- Down payment
- $28,125
- Funds due
- $38,810
- Interest + MI left
- $207,060
- First ends
- Oct 2036
New loan
New conventional
$2,169/mo
+$535/mo- Down payment
- $28,125
- Funds due
- $35,847
- Interest + MI left
- $381,834
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,775 | $134,775 | $251,775 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,258.60 | $1,258.60 | $1,743.24 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $50.36 |
| Taxes, insurance & HOA | $375.83 | $375.83 | $375.83 |
| Total housing payment | $1,634.43 | $2,492.94 | $2,169.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,125
Closing costs & prepaids$10,686
Usable credit−$0
Total buyer cash needed$38,810
Earnest money paid−$0
Remaining funds due$38,810
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$673.88
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)$677.50
Prepaid interest, first (2 days)$15.88
Prepaid interest, second (2 days)$51.29
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 11 moOf the original 15-year loan at 2.150%
Interest already paid$18,050Through Nov 2026
Assumption only · ends Oct 2036$14,998
Assumption + second · ends Oct 2036, second Dec 2056$207,060
New conventional · ends Dec 2056$381,834