Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,603/mo
Lowest payment- Down payment
- $191,214
- Funds due
- $202,660
- Interest + MI left
- $59,221
- First ends
- Sep 2046
Assumption
Assumption + second
$2,681/mo
+$1,079/mo- Down payment
- $44,214
- Funds due
- $57,200
- Interest + MI left
- $300,530
- First ends
- Sep 2046
New loan
New conventional
$3,049/mo
+$1,447/mo- Down payment
- $44,214
- Funds due
- $53,761
- Interest + MI left
- $571,314
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,785 | $243,785 | $390,785 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,278.51 | $1,278.51 | $2,647.31 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $78.16 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,602.51 | $2,681.14 | $3,049.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,214
Closing costs & prepaids$12,986
Usable credit−$0
Total buyer cash needed$57,200
Earnest money paid−$0
Remaining funds due$57,200
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,349.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,218.93
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)$522.00
Prepaid interest, first (9 days)$137.05
Prepaid interest, second (9 days)$289.97
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 closing19 yr 9 moOf the original 25-year loan at 2.28%
Interest already paid$32,179Through Dec 2026
Assumption only · ends Sep 2046$59,221
Assumption + second · ends Sep 2046, second Jan 2057$300,530
New conventional · ends Jan 2057$571,314