Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,441/mo
Lowest payment- Down payment
- $163,074
- Funds due
- $173,930
- Interest + MI left
- $90,364
- First ends
- Jul 2050
Assumption
Assumption + second
$2,358/mo
+$917/mo- Down payment
- $38,074
- Funds due
- $50,426
- Interest + MI left
- $295,558
- First ends
- Jul 2050
New loan
New conventional
$2,717/mo
+$1,275/mo- Down payment
- $38,074
- Funds due
- $47,131
- Interest + MI left
- $489,943
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,126 | $210,126 | $335,126 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,061.80 | $1,061.80 | $2,270.26 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $67.03 |
| Taxes, insurance & HOA | $379.25 | $379.25 | $379.25 |
| Total housing payment | $1,441.05 | $2,358.26 | $2,716.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,074
Closing costs & prepaids$12,352
Usable credit−$0
Total buyer cash needed$50,426
Earnest money paid−$0
Remaining funds due$50,426
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,732.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,050.63
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)$447.75
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$167.35
Prepaid interest, second (9 days)$246.58
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 3.23%
Interest already paid$47,292Through Dec 2026
Assumption only · ends Jul 2050$90,364
Assumption + second · ends Jul 2050, second Jan 2057$295,558
New conventional · ends Jan 2057$489,943