Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $220,640
- Funds due
- $230,776
- Interest + MI left
- $20,538
- First ends
- Sep 2036
Assumption
Assumption + second
$3,164/mo
+$1,321/mo- Down payment
- $40,640
- Funds due
- $52,105
- Interest + MI left
- $316,017
- First ends
- Sep 2036
New loan
New conventional
$2,709/mo
+$866/mo- Down payment
- $40,640
- Funds due
- $48,803
- Interest + MI left
- $544,770
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,260 | $179,260 | $359,260 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,693.20 | $1,693.20 | $2,487.44 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $71.85 |
| Taxes, insurance & HOA | $150.00 | $150.00 | $150.00 |
| Total housing payment | $1,843.20 | $3,163.98 | $2,709.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,640
Closing costs & prepaids$11,464
Usable credit−$0
Total buyer cash needed$52,105
Earnest money paid−$0
Remaining funds due$52,105
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$896.30
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Prepaid interest, first (2 days)$21.90
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 10 moOf the original 15-year loan at 2.230%
Interest already paid$25,400Through Nov 2026
Assumption only · ends Sep 2036$20,538
Assumption + second · ends Sep 2036, second Dec 2056$316,017
New conventional · ends Dec 2056$544,770