Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,312/mo
Lowest payment- Down payment
- $211,891
- Funds due
- $221,686
- Interest + MI left
- $7,938
- First ends
- May 2036
Assumption
Assumption + second
$2,655/mo
+$1,343/mo- Down payment
- $28,891
- Funds due
- $40,176
- Interest + MI left
- $308,342
- First ends
- May 2036
New loan
New conventional
$2,381/mo
+$1,069/mo- Down payment
- $28,891
- Funds due
- $37,514
- Interest + MI left
- $374,474
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,109 | $73,109 | $256,109 |
| Second mortgage | — | $183,000 | — |
| First P&I | $717.23 | $717.23 | $1,734.97 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $51.22 |
| Taxes, insurance & HOA | $595.00 | $595.00 | $595.00 |
| Total housing payment | $1,312.23 | $2,655.02 | $2,381.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,891
Closing costs & prepaids$11,286
Usable credit−$0
Total buyer cash needed$40,176
Earnest money paid−$0
Remaining funds due$40,176
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$365.55
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)$342.00
Initial HOA (3 months)$993.00
Prepaid interest, first (6 days)$26.56
Prepaid interest, second (6 days)$240.66
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 closing9 yr 5 moOf the original 15-year loan at 2.21%
Interest already paid$11,365Through Dec 2026
Assumption only · ends May 2036$7,938
Assumption + second · ends May 2036, second Jan 2057$308,342
New conventional · ends Jan 2057$374,474