Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,365/mo
Lowest payment- Down payment
- $253,735
- Funds due
- $265,104
- Interest + MI left
- $83,419
- First ends
- Jan 2050
Assumption
Assumption + second
$2,877/mo
+$1,512/mo- Down payment
- $42,735
- Funds due
- $55,757
- Interest + MI left
- $416,606
- First ends
- Jan 2050
New loan
New conventional
$3,112/mo
+$1,747/mo- Down payment
- $42,735
- Funds due
- $52,547
- Interest + MI left
- $558,935
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,265 | $171,265 | $382,265 |
| Second mortgage | — | $211,000 | — |
| First P&I | $919.44 | $919.44 | $2,589.60 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | — | — | $76.45 |
| Taxes, insurance & HOA | $446.00 | $446.00 | $446.00 |
| Total housing payment | $1,365.44 | $2,877.06 | $3,112.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,735
Closing costs & prepaids$13,021
Usable credit−$0
Total buyer cash needed$55,757
Earnest money paid−$0
Remaining funds due$55,757
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$856.32
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)$510.00
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$155.83
Prepaid interest, second (9 days)$403.21
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 1 moOf the original 30-year loan at 3.69%
Interest already paid$47,578Through Dec 2026
Assumption only · ends Jan 2050$83,419
Assumption + second · ends Jan 2050, second Jan 2057$416,606
New conventional · ends Jan 2057$558,935