Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,106/mo
Lowest payment- Down payment
- $304,056
- Funds due
- $315,065
- Interest + MI left
- $27,301
- First ends
- Jan 2046
Assumption
Assumption + second
$2,983/mo
+$1,877/mo- Down payment
- $42,056
- Funds due
- $54,537
- Interest + MI left
- $441,021
- First ends
- Jan 2046
New loan
New conventional
$3,085/mo
+$1,979/mo- Down payment
- $42,056
- Funds due
- $51,558
- Interest + MI left
- $538,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,844 | $110,844 | $372,844 |
| Second mortgage | — | $262,000 | — |
| First P&I | $603.25 | $603.25 | $2,508.15 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | — | — | $74.57 |
| Taxes, insurance & HOA | $502.67 | $502.67 | $502.67 |
| Total housing payment | $1,105.92 | $2,982.92 | $3,085.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,056
Closing costs & prepaids$12,481
Usable credit−$0
Total buyer cash needed$54,537
Earnest money paid−$0
Remaining funds due$54,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$554.22
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)$1,058.00
Prepaid interest, first (4 days)$29.03
Prepaid interest, second (4 days)$222.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 1 moOf the original 25-year loan at 2.39%
Interest already paid$17,530Through Dec 2026
Assumption only · ends Jan 2046$27,301
Assumption + second · ends Jan 2046, second Jan 2057$441,021
New conventional · ends Jan 2057$538,738