Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,477/mo
Lowest payment- Down payment
- $183,841
- Funds due
- $195,018
- Interest + MI left
- $89,005
- First ends
- Aug 2050
Assumption
Assumption + second
$2,534/mo
+$1,057/mo- Down payment
- $39,841
- Funds due
- $52,552
- Interest + MI left
- $325,388
- First ends
- Aug 2050
New loan
New conventional
$2,880/mo
+$1,403/mo- Down payment
- $39,841
- Funds due
- $49,252
- Interest + MI left
- $511,920
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,159 | $206,159 | $350,159 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,039.31 | $1,039.31 | $2,372.10 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $70.03 |
| Taxes, insurance & HOA | $438.00 | $438.00 | $438.00 |
| Total housing payment | $1,477.31 | $2,533.93 | $2,880.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,841
Closing costs & prepaids$12,711
Usable credit−$0
Total buyer cash needed$52,552
Earnest money paid−$0
Remaining funds due$52,552
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,030.80
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)$468.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$164.19
Prepaid interest, second (9 days)$284.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing23 yr 8 moOf the original 30-year loan at 3.23%
Interest already paid$45,735Through Dec 2026
Assumption only · ends Aug 2050$89,005
Assumption + second · ends Aug 2050, second Jan 2057$325,388
New conventional · ends Jan 2057$511,920