Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,560/mo
Lowest payment- Down payment
- $172,206
- Funds due
- $182,971
- Interest + MI left
- $73,920
- First ends
- Sep 2046
Assumption
Assumption + second
$2,558/mo
+$998/mo- Down payment
- $36,206
- Funds due
- $48,370
- Interest + MI left
- $297,171
- First ends
- Sep 2046
New loan
New conventional
$2,713/mo
+$1,154/mo- Down payment
- $36,206
- Funds due
- $45,104
- Interest + MI left
- $473,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,694 | $187,694 | $323,694 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,103.86 | $1,103.86 | $2,192.82 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $64.74 |
| Taxes, insurance & HOA | $455.92 | $455.92 | $455.92 |
| Total housing payment | $1,559.77 | $2,557.69 | $2,713.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,206
Closing costs & prepaids$12,164
Usable credit−$0
Total buyer cash needed$48,370
Earnest money paid−$0
Remaining funds due$48,370
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$938.47
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)$917.75
Prepaid interest, first (5 days)$91.53
Prepaid interest, second (5 days)$149.04
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 closing19 yr 9 moOf the original 30-year loan at 3.56%
Interest already paid$79,469Through Dec 2026
Assumption only · ends Sep 2046$73,920
Assumption + second · ends Sep 2046, second Jan 2057$297,171
New conventional · ends Jan 2057$473,294