Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,875/mo
Lowest payment- Down payment
- $146,662
- Funds due
- $158,390
- Interest + MI left
- $99,001
- First ends
- Sep 2047
Assumption
Assumption + second
$2,631/mo
+$756/mo- Down payment
- $43,662
- Funds due
- $56,843
- Interest + MI left
- $268,081
- First ends
- Sep 2047
New loan
New conventional
$3,046/mo
+$1,171/mo- Down payment
- $43,662
- Funds due
- $53,202
- Interest + MI left
- $570,739
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,338 | $287,338 | $390,338 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,551.56 | $1,551.56 | $2,644.29 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $78.07 |
| Taxes, insurance & HOA | $323.58 | $323.58 | $323.58 |
| Total housing payment | $1,875.15 | $2,630.92 | $3,045.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,662
Closing costs & prepaids$13,181
Usable credit−$0
Total buyer cash needed$56,843
Earnest money paid−$0
Remaining funds due$56,843
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%)$1,436.69
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)$520.75
Prepaid interest, first (9 days)$212.55
Prepaid interest, second (9 days)$203.18
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 closing20 yr 9 moOf the original 26-year loan at 3%
Interest already paid$49,237Through Dec 2026
Assumption only · ends Sep 2047$99,001
Assumption + second · ends Sep 2047, second Jan 2057$268,081
New conventional · ends Jan 2057$570,739