Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,015/mo
Lowest payment- Down payment
- $85,035
- Funds due
- $95,515
- Interest + MI left
- $51,638
- First ends
- Dec 2041
Assumption
Assumption + second
$2,442/mo
+$426/mo- Down payment
- $32,035
- Funds due
- $43,791
- Interest + MI left
- $152,160
- First ends
- Dec 2041
New loan
New conventional
$2,475/mo
+$460/mo- Down payment
- $32,035
- Funds due
- $40,332
- Interest + MI left
- $429,077
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,964 | $229,964 | $282,964 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,555.81 | $1,555.81 | $1,959.19 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $56.59 |
| Taxes, insurance & HOA | $459.33 | $459.33 | $459.33 |
| Total housing payment | $2,015.15 | $2,441.60 | $2,475.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,035
Closing costs & prepaids$11,757
Usable credit−$0
Total buyer cash needed$43,791
Earnest money paid−$0
Remaining funds due$43,791
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,149.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,149.82
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)$928.00
Prepaid interest, first (2 days)$34.90
Prepaid interest, second (2 days)$26.14
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 closing15 yr 1 moOf the original 20-year loan at 2.770%
Interest already paid$35,317Through Nov 2026
Assumption only · ends Dec 2041$51,638
Assumption + second · ends Dec 2041, second Dec 2056$152,160
New conventional · ends Dec 2056$429,077