Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,838/mo
Lowest payment- Down payment
- $195,185
- Funds due
- $207,474
- Interest + MI left
- $63,966
- First ends
- Apr 2046
Assumption
Assumption + second
$2,917/mo
+$1,079/mo- Down payment
- $48,185
- Funds due
- $61,917
- Interest + MI left
- $305,274
- First ends
- Apr 2046
New loan
New conventional
$3,333/mo
+$1,495/mo- Down payment
- $48,185
- Funds due
- $58,202
- Interest + MI left
- $624,074
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,815 | $279,815 | $426,815 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,481.81 | $1,481.81 | $2,891.39 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $85.36 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,838.48 | $2,917.11 | $3,333.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,185
Closing costs & prepaids$13,732
Usable credit−$0
Total buyer cash needed$61,917
Earnest money paid−$0
Remaining funds due$61,917
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,399.07
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (6 days)$101.19
Prepaid interest, second (6 days)$193.32
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 closing19 yr 4 moOf the original 25-year loan at 2.2%
Interest already paid$38,878Through Dec 2026
Assumption only · ends Apr 2046$63,966
Assumption + second · ends Apr 2046, second Jan 2057$305,274
New conventional · ends Jan 2057$624,074