Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,404/mo
Lowest payment- Down payment
- $183,485
- Funds due
- $194,301
- Interest + MI left
- $94,339
- First ends
- Apr 2050
Assumption
Assumption + second
$2,468/mo
+$1,064/mo- Down payment
- $38,485
- Funds due
- $50,837
- Interest + MI left
- $332,364
- First ends
- Apr 2050
New loan
New conventional
$2,743/mo
+$1,340/mo- Down payment
- $38,485
- Funds due
- $47,574
- Interest + MI left
- $497,821
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,515 | $195,515 | $340,515 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,035.19 | $1,035.19 | $2,306.77 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $68.10 |
| Taxes, insurance & HOA | $368.58 | $368.58 | $368.58 |
| Total housing payment | $1,403.77 | $2,467.73 | $2,743.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,485
Closing costs & prepaids$12,352
Usable credit−$0
Total buyer cash needed$50,837
Earnest money paid−$0
Remaining funds due$50,837
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$977.57
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)$454.75
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$174.52
Prepaid interest, second (9 days)$286.03
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 4 moOf the original 30-year loan at 3.62%
Interest already paid$51,200Through Dec 2026
Assumption only · ends Apr 2050$94,339
Assumption + second · ends Apr 2050, second Jan 2057$332,364
New conventional · ends Jan 2057$497,821