Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,661/mo
Lowest payment- Down payment
- $141,379
- Funds due
- $152,732
- Interest + MI left
- $98,824
- First ends
- Sep 2050
Assumption
Assumption + second
$2,417/mo
+$756/mo- Down payment
- $38,379
- Funds due
- $51,185
- Interest + MI left
- $267,904
- First ends
- Sep 2050
New loan
New conventional
$2,843/mo
+$1,181/mo- Down payment
- $38,379
- Funds due
- $47,801
- Interest + MI left
- $492,128
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,621 | $233,621 | $336,621 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,166.47 | $1,166.47 | $2,280.39 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $67.32 |
| Taxes, insurance & HOA | $495.00 | $495.00 | $495.00 |
| Total housing payment | $1,661.47 | $2,417.25 | $2,842.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,379
Closing costs & prepaids$12,806
Usable credit−$0
Total buyer cash needed$51,185
Earnest money paid−$0
Remaining funds due$51,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,168.11
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)$450.00
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$182.03
Prepaid interest, second (9 days)$203.18
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 9 moOf the original 30-year loan at 3.16%
Interest already paid$50,012Through Dec 2026
Assumption only · ends Sep 2050$98,824
Assumption + second · ends Sep 2050, second Jan 2057$267,904
New conventional · ends Jan 2057$492,128