Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,419/mo
Lowest payment- Down payment
- $242,155
- Funds due
- $253,680
- Interest + MI left
- $62,117
- First ends
- Sep 2050
Assumption
Assumption + second
$2,873/mo
+$1,454/mo- Down payment
- $39,155
- Funds due
- $52,189
- Interest + MI left
- $382,671
- First ends
- Sep 2050
New loan
New conventional
$3,126/mo
+$1,707/mo- Down payment
- $39,155
- Funds due
- $49,098
- Interest + MI left
- $511,531
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,845 | $146,845 | $349,845 |
| Second mortgage | — | $203,000 | — |
| First P&I | $733.20 | $733.20 | $2,369.97 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | — | — | $69.97 |
| Taxes, insurance & HOA | $685.58 | $685.58 | $685.58 |
| Total housing payment | $1,418.78 | $2,873.10 | $3,125.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,155
Closing costs & prepaids$13,034
Usable credit−$0
Total buyer cash needed$52,189
Earnest money paid−$0
Remaining funds due$52,189
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$734.23
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)$466.75
Initial HOA (3 months)$1,140.00
Prepaid interest, first (6 days)$76.28
Prepaid interest, second (6 days)$258.62
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$31,435Through Dec 2026
Assumption only · ends Sep 2050$62,117
Assumption + second · ends Sep 2050, second Jan 2057$382,671
New conventional · ends Jan 2057$511,531