Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,457/mo
Lowest payment- Down payment
- $237,462
- Funds due
- $248,203
- Interest + MI left
- $109,306
- First ends
- Sep 2046
Assumption
Assumption + second
$2,903/mo
+$1,446/mo- Down payment
- $40,462
- Funds due
- $52,841
- Interest + MI left
- $432,692
- First ends
- Sep 2046
New loan
New conventional
$2,818/mo
+$1,361/mo- Down payment
- $40,462
- Funds due
- $49,599
- Interest + MI left
- $525,704
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,538 | $162,538 | $359,538 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,147.02 | $1,147.02 | $2,435.64 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $71.91 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,457.02 | $2,902.54 | $2,817.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,462
Closing costs & prepaids$12,379
Usable credit−$0
Total buyer cash needed$52,841
Earnest money paid−$0
Remaining funds due$52,841
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$812.69
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)$480.00
Prepaid interest, first (9 days)$229.65
Prepaid interest, second (9 days)$388.60
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 closing19 yr 9 moOf the original 30-year loan at 5.73%
Interest already paid$106,641Through Dec 2026
Assumption only · ends Sep 2046$109,306
Assumption + second · ends Sep 2046, second Jan 2057$432,692
New conventional · ends Jan 2057$525,704