Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,227/mo
Lowest payment- Down payment
- $192,349
- Funds due
- $202,853
- Interest + MI left
- $75,339
- First ends
- Aug 2050
Assumption
Assumption + second
$2,364/mo
+$1,137/mo- Down payment
- $37,349
- Funds due
- $49,409
- Interest + MI left
- $329,780
- First ends
- Aug 2050
New loan
New conventional
$2,656/mo
+$1,429/mo- Down payment
- $37,349
- Funds due
- $46,248
- Interest + MI left
- $486,245
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,551 | $177,551 | $332,551 |
| Second mortgage | — | $155,000 | — |
| First P&I | $890.46 | $890.46 | $2,252.82 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $66.51 |
| Taxes, insurance & HOA | $336.67 | $336.67 | $336.67 |
| Total housing payment | $1,227.13 | $2,364.46 | $2,656.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,349
Closing costs & prepaids$12,060
Usable credit−$0
Total buyer cash needed$49,409
Earnest money paid−$0
Remaining funds due$49,409
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$887.76
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)$116.01
Prepaid interest, first (9 days)$139.22
Prepaid interest, second (9 days)$305.75
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 8 moOf the original 30-year loan at 3.18%
Interest already paid$38,802Through Dec 2026
Assumption only · ends Aug 2050$75,339
Assumption + second · ends Aug 2050, second Jan 2057$329,780
New conventional · ends Jan 2057$486,245