Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,857/mo
Lowest payment- Down payment
- $160,823
- Funds due
- $172,953
- Interest + MI left
- $96,902
- First ends
- Sep 2050
Assumption
Assumption + second
$2,745/mo
+$888/mo- Down payment
- $39,823
- Funds due
- $53,442
- Interest + MI left
- $295,529
- First ends
- Sep 2050
New loan
New conventional
$3,155/mo
+$1,298/mo- Down payment
- $39,823
- Funds due
- $50,058
- Interest + MI left
- $511,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,077 | $229,077 | $350,077 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,143.78 | $1,143.78 | $2,371.54 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $70.02 |
| Taxes, insurance & HOA | $713.00 | $713.00 | $713.00 |
| Total housing payment | $1,856.78 | $2,744.64 | $3,154.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,823
Closing costs & prepaids$13,619
Usable credit−$0
Total buyer cash needed$53,442
Earnest money paid−$0
Remaining funds due$53,442
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,145.39
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)$1,221.00
Prepaid interest, first (9 days)$178.49
Prepaid interest, second (9 days)$238.68
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$49,039Through Dec 2026
Assumption only · ends Sep 2050$96,902
Assumption + second · ends Sep 2050, second Jan 2057$295,529
New conventional · ends Jan 2057$511,800