Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,813/mo
Lowest payment- Down payment
- $145,831
- Funds due
- $157,186
- Interest + MI left
- $99,722
- First ends
- Sep 2047
Assumption
Assumption + second
$2,561/mo
+$748/mo- Down payment
- $43,831
- Funds due
- $56,459
- Interest + MI left
- $267,160
- First ends
- Sep 2047
New loan
New conventional
$3,041/mo
+$1,228/mo- Down payment
- $43,831
- Funds due
- $52,570
- Interest + MI left
- $591,640
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,169 | $288,169 | $390,169 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,551.56 | $1,551.56 | $2,701.45 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $78.03 |
| Taxes, insurance & HOA | $261.08 | $261.08 | $261.08 |
| Total housing payment | $1,812.65 | $2,561.09 | $3,040.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,831
Closing costs & prepaids$12,628
Usable credit−$0
Total buyer cash needed$56,459
Earnest money paid−$0
Remaining funds due$56,459
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,440.85
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)$333.25
Prepaid interest, first (1 days)$23.69
Prepaid interest, second (1 days)$22.36
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 closing20 yr 10 moOf the original 26-year loan at 3.000%
Interest already paid$48,516Through Nov 2026
Assumption only · ends Sep 2047$99,722
Assumption + second · ends Sep 2047, second Dec 2056$267,160
New conventional · ends Dec 2056$591,640