Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,537/mo
Lowest payment- Down payment
- $222,371
- Funds due
- $233,817
- Interest + MI left
- $102,965
- First ends
- Aug 2049
Assumption
Assumption + second
$2,858/mo
+$1,321/mo- Down payment
- $42,371
- Funds due
- $55,423
- Interest + MI left
- $398,445
- First ends
- Aug 2049
New loan
New conventional
$3,066/mo
+$1,529/mo- Down payment
- $42,371
- Funds due
- $52,087
- Interest + MI left
- $552,156
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,629 | $197,629 | $377,629 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,105.13 | $1,105.13 | $2,558.19 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $75.53 |
| Taxes, insurance & HOA | $432.00 | $432.00 | $432.00 |
| Total housing payment | $1,537.13 | $2,857.90 | $3,065.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,371
Closing costs & prepaids$13,052
Usable credit−$0
Total buyer cash needed$55,423
Earnest money paid−$0
Remaining funds due$55,423
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$988.15
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)$504.00
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$194.43
Prepaid interest, second (9 days)$355.07
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 closing22 yr 8 moOf the original 30-year loan at 3.99%
Interest already paid$63,119Through Dec 2026
Assumption only · ends Aug 2049$102,965
Assumption + second · ends Aug 2049, second Jan 2057$398,445
New conventional · ends Jan 2057$552,156