Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,477/mo
Lowest payment- Down payment
- $188,237
- Funds due
- $199,219
- Interest + MI left
- $27,605
- First ends
- Oct 2036
Assumption
Assumption + second
$3,541/mo
+$1,064/mo- Down payment
- $43,237
- Funds due
- $55,501
- Interest + MI left
- $265,630
- First ends
- Oct 2036
New loan
New conventional
$2,975/mo
+$498/mo- Down payment
- $43,237
- Funds due
- $51,874
- Interest + MI left
- $578,741
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,663 | $236,663 | $381,663 |
| Second mortgage | — | $145,000 | — |
| First P&I | $2,220.74 | $2,220.74 | $2,642.56 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $76.33 |
| Taxes, insurance & HOA | $255.83 | $255.83 | $255.83 |
| Total housing payment | $2,476.57 | $3,540.53 | $2,974.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,237
Closing costs & prepaids$12,264
Usable credit−$0
Total buyer cash needed$55,501
Earnest money paid−$0
Remaining funds due$55,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,183.32
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)$317.50
Prepaid interest, first (1 days)$14.59
Prepaid interest, second (1 days)$31.78
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 closing9 yr 11 moOf the original 15-year loan at 2.250%
Interest already paid$33,128Through Nov 2026
Assumption only · ends Oct 2036$27,605
Assumption + second · ends Oct 2036, second Dec 2056$265,630
New conventional · ends Dec 2056$578,741