Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,001/mo
Lowest payment- Down payment
- $274,100
- Funds due
- $285,345
- Interest + MI left
- $19,237
- First ends
- Oct 2036
Assumption
Assumption + second
$3,641/mo
+$1,641/mo- Down payment
- $45,100
- Funds due
- $57,644
- Interest + MI left
- $380,848
- First ends
- Oct 2036
New loan
New conventional
$3,246/mo
+$1,245/mo- Down payment
- $45,100
- Funds due
- $54,296
- Interest + MI left
- $613,300
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,400 | $175,400 | $404,400 |
| Second mortgage | — | $229,000 | — |
| First P&I | $1,635.60 | $1,635.60 | $2,799.98 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | — | — | $80.88 |
| Taxes, insurance & HOA | $364.92 | $364.92 | $364.92 |
| Total housing payment | $2,000.52 | $3,641.10 | $3,245.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,100
Closing costs & prepaids$12,544
Usable credit−$0
Total buyer cash needed$57,644
Earnest money paid−$0
Remaining funds due$57,644
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%)$877.00
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)$353.75
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$10.19
Prepaid interest, second (1 days)$48.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 15-year loan at 2.120%
Interest already paid$23,171Through Nov 2026
Assumption only · ends Oct 2036$19,237
Assumption + second · ends Oct 2036, second Dec 2056$380,848
New conventional · ends Dec 2056$613,300