Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,792/mo
Lowest payment- Down payment
- $189,156
- Funds due
- $201,213
- Interest + MI left
- $66,086
- First ends
- Sep 2047
Assumption
Assumption + second
$2,856/mo
+$1,064/mo- Down payment
- $44,156
- Funds due
- $57,622
- Interest + MI left
- $304,111
- First ends
- Sep 2047
New loan
New conventional
$3,277/mo
+$1,485/mo- Down payment
- $44,156
- Funds due
- $54,037
- Interest + MI left
- $577,327
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,844 | $249,844 | $394,844 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,268.80 | $1,268.80 | $2,674.81 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $78.97 |
| Taxes, insurance & HOA | $523.17 | $523.17 | $523.17 |
| Total housing payment | $1,791.96 | $2,855.92 | $3,276.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,156
Closing costs & prepaids$13,466
Usable credit−$0
Total buyer cash needed$57,622
Earnest money paid−$0
Remaining funds due$57,622
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,249.22
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)$1,119.50
Prepaid interest, first (5 days)$80.43
Prepaid interest, second (5 days)$158.90
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 closing20 yr 9 moOf the original 27-year loan at 2.35%
Interest already paid$40,836Through Dec 2026
Assumption only · ends Sep 2047$66,086
Assumption + second · ends Sep 2047, second Jan 2057$304,111
New conventional · ends Jan 2057$577,327