Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,083/mo
Lowest payment- Down payment
- $147,571
- Funds due
- $157,183
- Interest + MI left
- $62,103
- First ends
- Sep 2050
Assumption
Assumption + second
$1,949/mo
+$866/mo- Down payment
- $29,571
- Funds due
- $40,666
- Interest + MI left
- $255,806
- First ends
- Sep 2050
New loan
New conventional
$2,198/mo
+$1,116/mo- Down payment
- $29,571
- Funds due
- $37,713
- Interest + MI left
- $387,955
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,329 | $147,329 | $265,329 |
| Second mortgage | — | $118,000 | — |
| First P&I | $734.85 | $734.85 | $1,797.43 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $53.07 |
| Taxes, insurance & HOA | $348.00 | $348.00 | $348.00 |
| Total housing payment | $1,082.85 | $1,948.69 | $2,198.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,571
Closing costs & prepaids$11,095
Usable credit−$0
Total buyer cash needed$40,666
Earnest money paid−$0
Remaining funds due$40,666
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$736.65
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)$354.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$114.43
Prepaid interest, second (9 days)$232.77
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 3.15%
Interest already paid$31,443Through Dec 2026
Assumption only · ends Sep 2050$62,103
Assumption + second · ends Sep 2050, second Jan 2057$255,806
New conventional · ends Jan 2057$387,955