Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,552/mo
Lowest payment- Down payment
- $51,307
- Funds due
- $61,347
- Interest + MI left
- $79,819
- First ends
- Sep 2050
Assumption
Assumption + second
$1,769/mo
+$217/mo- Down payment
- $24,307
- Funds due
- $35,637
- Interest + MI left
- $131,028
- First ends
- Sep 2050
New loan
New conventional
$2,114/mo
+$562/mo- Down payment
- $24,307
- Funds due
- $32,524
- Interest + MI left
- $315,379
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,693 | $188,693 | $215,693 |
| Second mortgage | — | $27,000 | — |
| First P&I | $942.15 | $942.15 | $1,461.18 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $43.14 |
| Taxes, insurance & HOA | $610.00 | $610.00 | $610.00 |
| Total housing payment | $1,552.15 | $1,769.39 | $2,114.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,307
Closing costs & prepaids$11,329
Usable credit−$0
Total buyer cash needed$35,637
Earnest money paid−$0
Remaining funds due$35,637
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$943.46
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)$288.00
Initial HOA (3 months)$1,092.00
Prepaid interest, first (6 days)$98.02
Prepaid interest, second (6 days)$39.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 3.16%
Interest already paid$40,394Through Dec 2026
Assumption only · ends Sep 2050$79,819
Assumption + second · ends Sep 2050, second Jan 2057$131,028
New conventional · ends Jan 2057$315,379