Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,708/mo
Lowest payment- Down payment
- $156,200
- Funds due
- $167,796
- Interest + MI left
- $103,319
- First ends
- Jul 2050
Assumption
Assumption + second
$2,559/mo
+$851/mo- Down payment
- $40,200
- Funds due
- $53,275
- Interest + MI left
- $293,739
- First ends
- Jul 2050
New loan
New conventional
$2,970/mo
+$1,262/mo- Down payment
- $40,200
- Funds due
- $49,847
- Interest + MI left
- $517,243
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,800 | $237,800 | $353,800 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,205.37 | $1,205.37 | $2,396.76 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $70.76 |
| Taxes, insurance & HOA | $502.58 | $502.58 | $502.58 |
| Total housing payment | $1,707.95 | $2,559.12 | $2,970.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,200
Closing costs & prepaids$13,075
Usable credit−$0
Total buyer cash needed$53,275
Earnest money paid−$0
Remaining funds due$53,275
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,189.00
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)$472.75
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$191.15
Prepaid interest, second (9 days)$228.82
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 7 moOf the original 30-year loan at 3.26%
Interest already paid$53,998Through Dec 2026
Assumption only · ends Jul 2050$103,319
Assumption + second · ends Jul 2050, second Jan 2057$293,739
New conventional · ends Jan 2057$517,243