Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,568/mo
Lowest payment- Down payment
- $303,514
- Funds due
- $316,477
- Interest + MI left
- $23,875
- First ends
- Sep 2036
Assumption
Assumption + second
$4,373/mo
+$1,805/mo- Down payment
- $51,514
- Funds due
- $65,995
- Interest + MI left
- $421,805
- First ends
- Sep 2036
New loan
New conventional
$3,797/mo
+$1,229/mo- Down payment
- $51,514
- Funds due
- $62,524
- Interest + MI left
- $670,236
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,386 | $206,386 | $458,386 |
| Second mortgage | — | $252,000 | — |
| First P&I | $1,968.05 | $1,968.05 | $3,105.27 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | — | — | $91.68 |
| Taxes, insurance & HOA | $600.08 | $600.08 | $600.08 |
| Total housing payment | $2,568.13 | $4,373.49 | $3,797.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,514
Closing costs & prepaids$14,481
Usable credit−$0
Total buyer cash needed$65,995
Earnest money paid−$0
Remaining funds due$65,995
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,031.93
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)$1,300.25
Prepaid interest, first (5 days)$64.18
Prepaid interest, second (5 days)$267.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 9 moOf the original 15-year loan at 2.27%
Interest already paid$30,373Through Dec 2026
Assumption only · ends Sep 2036$23,875
Assumption + second · ends Sep 2036, second Jan 2057$421,805
New conventional · ends Jan 2057$670,236