Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,769/mo
Lowest payment- Down payment
- $137,817
- Funds due
- $149,398
- Interest + MI left
- $108,069
- First ends
- Jun 2050
Assumption
Assumption + second
$2,565/mo
+$797/mo- Down payment
- $38,817
- Funds due
- $51,868
- Interest + MI left
- $295,837
- First ends
- Jun 2050
New loan
New conventional
$2,923/mo
+$1,155/mo- Down payment
- $38,817
- Funds due
- $48,394
- Interest + MI left
- $506,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,183 | $247,183 | $346,183 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,259.76 | $1,259.76 | $2,345.16 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $69.24 |
| Taxes, insurance & HOA | $509.00 | $509.00 | $509.00 |
| Total housing payment | $1,768.76 | $2,565.34 | $2,923.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,817
Closing costs & prepaids$13,051
Usable credit−$0
Total buyer cash needed$51,868
Earnest money paid−$0
Remaining funds due$51,868
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,235.92
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)$462.00
Initial HOA (3 months)$615.00
Prepaid interest, first (9 days)$200.52
Prepaid interest, second (9 days)$219.70
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 6 moOf the original 30-year loan at 3.29%
Interest already paid$57,437Through Dec 2026
Assumption only · ends Jun 2050$108,069
Assumption + second · ends Jun 2050, second Jan 2057$295,837
New conventional · ends Jan 2057$506,177