Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,772/mo
Lowest payment- Down payment
- $199,942
- Funds due
- $211,967
- Interest + MI left
- $124,519
- First ends
- Feb 2050
Assumption
Assumption + second
$2,902/mo
+$1,130/mo- Down payment
- $45,942
- Funds due
- $59,520
- Interest + MI left
- $377,318
- First ends
- Feb 2050
New loan
New conventional
$3,243/mo
+$1,471/mo- Down payment
- $45,942
- Funds due
- $55,948
- Interest + MI left
- $590,719
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,058 | $250,058 | $404,058 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,347.40 | $1,347.40 | $2,737.23 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $425.00 | $425.00 | $425.00 |
| Total housing payment | $1,772.40 | $2,902.40 | $3,243.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,942
Closing costs & prepaids$13,578
Usable credit−$0
Total buyer cash needed$59,520
Earnest money paid−$0
Remaining funds due$59,520
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,250.29
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)$540.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$231.22
Prepaid interest, second (9 days)$303.78
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 2 moOf the original 30-year loan at 3.75%
Interest already paid$69,603Through Dec 2026
Assumption only · ends Feb 2050$124,519
Assumption + second · ends Feb 2050, second Jan 2057$377,318
New conventional · ends Jan 2057$590,719