Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,533/mo
Lowest payment- Down payment
- $188,573
- Funds due
- $199,489
- Interest + MI left
- $88,982
- First ends
- Sep 2047
Assumption
Assumption + second
$2,641/mo
+$1,108/mo- Down payment
- $37,573
- Funds due
- $50,037
- Interest + MI left
- $336,856
- First ends
- Sep 2047
New loan
New conventional
$2,780/mo
+$1,247/mo- Down payment
- $37,573
- Funds due
- $46,801
- Interest + MI left
- $493,374
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,427 | $186,427 | $337,427 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,106.06 | $1,106.06 | $2,285.85 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $67.49 |
| Taxes, insurance & HOA | $427.00 | $427.00 | $427.00 |
| Total housing payment | $1,533.06 | $2,641.05 | $2,780.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,573
Closing costs & prepaids$12,464
Usable credit−$0
Total buyer cash needed$50,037
Earnest money paid−$0
Remaining funds due$50,037
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$932.14
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)$450.00
Initial HOA (3 months)$381.00
Prepaid interest, first (9 days)$185.25
Prepaid interest, second (9 days)$297.86
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 4.03%
Interest already paid$78,360Through Dec 2026
Assumption only · ends Sep 2047$88,982
Assumption + second · ends Sep 2047, second Jan 2057$336,856
New conventional · ends Jan 2057$493,374