Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,182/mo
Lowest payment- Down payment
- $255,458
- Funds due
- $265,976
- Interest + MI left
- $48,867
- First ends
- Jul 2045
Assumption
Assumption + second
$2,736/mo
+$1,555/mo- Down payment
- $38,458
- Funds due
- $50,641
- Interest + MI left
- $391,528
- First ends
- Jul 2045
New loan
New conventional
$2,786/mo
+$1,604/mo- Down payment
- $38,458
- Funds due
- $47,665
- Interest + MI left
- $499,391
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,542 | $124,542 | $341,542 |
| Second mortgage | — | $217,000 | — |
| First P&I | $777.62 | $777.62 | $2,313.72 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $68.31 |
| Taxes, insurance & HOA | $404.00 | $404.00 | $404.00 |
| Total housing payment | $1,181.62 | $2,736.24 | $2,786.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,458
Closing costs & prepaids$12,183
Usable credit−$0
Total buyer cash needed$50,641
Earnest money paid−$0
Remaining funds due$50,641
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$622.71
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)$456.00
Initial HOA (3 months)$306.00
Prepaid interest, first (9 days)$115.77
Prepaid interest, second (9 days)$414.68
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 closing18 yr 7 moOf the original 30-year loan at 3.77%
Interest already paid$63,576Through Dec 2026
Assumption only · ends Jul 2045$48,867
Assumption + second · ends Jul 2045, second Jan 2057$391,528
New conventional · ends Jan 2057$499,391