Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,062/mo
Lowest payment- Down payment
- $275,426
- Funds due
- $286,931
- Interest + MI left
- $18,927
- First ends
- Oct 2036
Assumption
Assumption + second
$3,710/mo
+$1,648/mo- Down payment
- $45,426
- Funds due
- $58,621
- Interest + MI left
- $382,117
- First ends
- Oct 2036
New loan
New conventional
$3,245/mo
+$1,183/mo- Down payment
- $45,426
- Funds due
- $55,438
- Interest + MI left
- $590,823
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,074 | $174,074 | $404,074 |
| Second mortgage | — | $230,000 | — |
| First P&I | $1,635.60 | $1,635.60 | $2,737.34 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $426.83 | $426.83 | $426.83 |
| Total housing payment | $2,062.44 | $3,710.19 | $3,244.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,426
Closing costs & prepaids$13,194
Usable credit−$0
Total buyer cash needed$58,621
Earnest money paid−$0
Remaining funds due$58,621
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$870.37
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)$539.50
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$91.00
Prepaid interest, second (9 days)$439.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.12%
Interest already paid$23,481Through Dec 2026
Assumption only · ends Oct 2036$18,927
Assumption + second · ends Oct 2036, second Jan 2057$382,117
New conventional · ends Jan 2057$590,823