Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,487/mo
Lowest payment- Down payment
- $189,453
- Funds due
- $200,734
- Interest + MI left
- $95,587
- First ends
- Sep 2050
Assumption
Assumption + second
$2,573/mo
+$1,086/mo- Down payment
- $41,453
- Funds due
- $54,276
- Interest + MI left
- $338,537
- First ends
- Sep 2050
New loan
New conventional
$2,948/mo
+$1,461/mo- Down payment
- $41,453
- Funds due
- $50,900
- Interest + MI left
- $538,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,547 | $220,547 | $368,547 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,109.24 | $1,109.24 | $2,496.67 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $73.71 |
| Taxes, insurance & HOA | $378.00 | $378.00 | $378.00 |
| Total housing payment | $1,487.24 | $2,573.21 | $2,948.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,453
Closing costs & prepaids$12,822
Usable credit−$0
Total buyer cash needed$54,276
Earnest money paid−$0
Remaining funds due$54,276
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,102.73
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)$492.00
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$175.65
Prepaid interest, second (9 days)$291.95
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 3.23%
Interest already paid$48,219Through Dec 2026
Assumption only · ends Sep 2050$95,587
Assumption + second · ends Sep 2050, second Jan 2057$338,537
New conventional · ends Jan 2057$538,877