Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,156/mo
Lowest payment- Down payment
- $252,131
- Funds due
- $262,680
- Interest + MI left
- $57,275
- First ends
- Sep 2047
Assumption
Assumption + second
$2,689/mo
+$1,533/mo- Down payment
- $38,131
- Funds due
- $50,339
- Interest + MI left
- $395,199
- First ends
- Sep 2047
New loan
New conventional
$2,781/mo
+$1,624/mo- Down payment
- $38,131
- Funds due
- $47,370
- Interest + MI left
- $491,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,369 | $122,369 | $336,369 |
| Second mortgage | — | $214,000 | — |
| First P&I | $721.46 | $721.46 | $2,278.68 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $67.27 |
| Taxes, insurance & HOA | $434.83 | $434.83 | $434.83 |
| Total housing payment | $1,156.30 | $2,689.42 | $2,780.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,131
Closing costs & prepaids$12,208
Usable credit−$0
Total buyer cash needed$50,339
Earnest money paid−$0
Remaining funds due$50,339
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,745.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$611.85
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)$449.50
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$119.49
Prepaid interest, second (9 days)$408.95
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 closing20 yr 9 moOf the original 30-year loan at 3.96%
Interest already paid$50,600Through Dec 2026
Assumption only · ends Sep 2047$57,275
Assumption + second · ends Sep 2047, second Jan 2057$395,199
New conventional · ends Jan 2057$491,760