Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,636/mo
Lowest payment- Down payment
- $213,943
- Funds due
- $224,096
- Interest + MI left
- $14,521
- First ends
- Jul 2036
Assumption
Assumption + second
$2,957/mo
+$1,321/mo- Down payment
- $33,943
- Funds due
- $45,425
- Interest + MI left
- $310,001
- First ends
- Jul 2036
New loan
New conventional
$2,614/mo
+$977/mo- Down payment
- $33,943
- Funds due
- $42,469
- Interest + MI left
- $454,997
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,057 | $120,057 | $300,057 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,160.16 | $1,160.16 | $2,077.53 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $60.01 |
| Taxes, insurance & HOA | $476.33 | $476.33 | $476.33 |
| Total housing payment | $1,636.49 | $2,957.27 | $2,613.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,943
Closing costs & prepaids$11,482
Usable credit−$0
Total buyer cash needed$45,425
Earnest money paid−$0
Remaining funds due$45,425
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$600.29
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)$979.00
Prepaid interest, first (2 days)$15.72
Prepaid interest, second (2 days)$78.90
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 8 moOf the original 15-year loan at 2.390%
Interest already paid$18,957Through Nov 2026
Assumption only · ends Jul 2036$14,521
Assumption + second · ends Jul 2036, second Dec 2056$310,001
New conventional · ends Dec 2056$454,997