Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,024/mo
Lowest payment- Down payment
- $244,174
- Funds due
- $253,882
- Interest + MI left
- $19,029
- First ends
- Feb 2041
Assumption
Assumption + second
$2,522/mo
+$1,497/mo- Down payment
- $35,174
- Funds due
- $46,399
- Interest + MI left
- $349,057
- First ends
- Feb 2041
New loan
New conventional
$2,486/mo
+$1,461/mo- Down payment
- $35,174
- Funds due
- $43,539
- Interest + MI left
- $460,328
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,826 | $105,826 | $314,826 |
| Second mortgage | — | $209,000 | — |
| First P&I | $734.44 | $734.44 | $2,132.74 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $62.97 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,024.44 | $2,521.74 | $2,485.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,174
Closing costs & prepaids$11,225
Usable credit−$0
Total buyer cash needed$46,399
Earnest money paid−$0
Remaining funds due$46,399
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$529.13
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)$420.00
Prepaid interest, first (6 days)$41.58
Prepaid interest, second (6 days)$266.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing14 yr 2 moOf the original 20-year loan at 2.39%
Interest already paid$17,226Through Dec 2026
Assumption only · ends Feb 2041$19,029
Assumption + second · ends Feb 2041, second Jan 2057$349,057
New conventional · ends Jan 2057$460,328