Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,474/mo
Lowest payment- Down payment
- $149,875
- Funds due
- $160,674
- Interest + MI left
- $97,924
- First ends
- Jul 2050
Assumption
Assumption + second
$2,296/mo
+$822/mo- Down payment
- $37,875
- Funds due
- $50,145
- Interest + MI left
- $281,778
- First ends
- Jul 2050
New loan
New conventional
$2,666/mo
+$1,193/mo- Down payment
- $37,875
- Funds due
- $46,809
- Interest + MI left
- $485,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,125 | $220,125 | $332,125 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,123.85 | $1,123.85 | $2,249.93 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $66.43 |
| Taxes, insurance & HOA | $350.00 | $350.00 | $350.00 |
| Total housing payment | $1,473.85 | $2,295.66 | $2,666.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,875
Closing costs & prepaids$12,270
Usable credit−$0
Total buyer cash needed$50,145
Earnest money paid−$0
Remaining funds due$50,145
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,100.63
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)$444.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$180.74
Prepaid interest, second (9 days)$220.93
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 3.33%
Interest already paid$51,014Through Dec 2026
Assumption only · ends Jul 2050$97,924
Assumption + second · ends Jul 2050, second Jan 2057$281,778
New conventional · ends Jan 2057$485,555