Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,813/mo
Lowest payment- Down payment
- $233,548
- Funds due
- $245,600
- Interest + MI left
- $85,863
- First ends
- Aug 2046
Assumption
Assumption + second
$3,192/mo
+$1,379/mo- Down payment
- $45,548
- Funds due
- $59,056
- Interest + MI left
- $394,475
- First ends
- Aug 2046
New loan
New conventional
$3,353/mo
+$1,540/mo- Down payment
- $45,548
- Funds due
- $55,561
- Interest + MI left
- $591,230
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,352 | $216,352 | $404,352 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,280.57 | $1,280.57 | $2,739.22 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $80.87 |
| Taxes, insurance & HOA | $532.42 | $532.42 | $532.42 |
| Total housing payment | $1,812.99 | $3,192.47 | $3,352.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,548
Closing costs & prepaids$13,509
Usable credit−$0
Total buyer cash needed$59,056
Earnest money paid−$0
Remaining funds due$59,056
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,081.76
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)$1,147.25
Prepaid interest, first (5 days)$106.69
Prepaid interest, second (5 days)$206.03
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 8 moOf the original 30-year loan at 3.6%
Interest already paid$93,479Through Dec 2026
Assumption only · ends Aug 2046$85,863
Assumption + second · ends Aug 2046, second Jan 2057$394,475
New conventional · ends Jan 2057$591,230