Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,310/mo
Lowest payment- Down payment
- $163,561
- Funds due
- $172,477
- Interest + MI left
- $12,472
- First ends
- Oct 2036
Assumption
Assumption + second
$2,308/mo
+$998/mo- Down payment
- $27,561
- Funds due
- $37,995
- Interest + MI left
- $235,723
- First ends
- Oct 2036
New loan
New conventional
$1,986/mo
+$676/mo- Down payment
- $27,561
- Funds due
- $35,228
- Interest + MI left
- $361,797
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,439 | $111,439 | $247,439 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,050.09 | $1,050.09 | $1,676.24 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $49.49 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,310.09 | $2,308.01 | $1,985.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,561
Closing costs & prepaids$10,433
Usable credit−$0
Total buyer cash needed$37,995
Earnest money paid−$0
Remaining funds due$37,995
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$557.19
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)$330.00
Prepaid interest, first (9 days)$59.90
Prepaid interest, second (9 days)$268.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 15-year loan at 2.18%
Interest already paid$15,446Through Dec 2026
Assumption only · ends Oct 2036$12,472
Assumption + second · ends Oct 2036, second Jan 2057$235,723
New conventional · ends Jan 2057$361,797