Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,566/mo
Lowest payment- Down payment
- $190,400
- Funds due
- $201,618
- Interest + MI left
- $59,686
- First ends
- Sep 2046
Assumption
Assumption + second
$2,637/mo
+$1,071/mo- Down payment
- $44,400
- Funds due
- $56,900
- Interest + MI left
- $299,353
- First ends
- Sep 2046
New loan
New conventional
$3,070/mo
+$1,504/mo- Down payment
- $44,400
- Funds due
- $53,222
- Interest + MI left
- $592,292
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,599 | $244,599 | $390,599 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,278.51 | $1,278.51 | $2,704.43 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | — | — | $78.12 |
| Taxes, insurance & HOA | $287.25 | $287.25 | $287.25 |
| Total housing payment | $1,565.76 | $2,637.06 | $3,069.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,400
Closing costs & prepaids$12,500
Usable credit−$0
Total buyer cash needed$56,900
Earnest money paid−$0
Remaining funds due$56,900
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,349.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,223.00
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)$411.75
Prepaid interest, first (1 days)$15.28
Prepaid interest, second (1 days)$32.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 25-year loan at 2.280%
Interest already paid$31,715Through Nov 2026
Assumption only · ends Sep 2046$59,686
Assumption + second · ends Sep 2046, second Dec 2056$299,353
New conventional · ends Dec 2056$592,292