Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,057/mo
Lowest payment- Down payment
- $259,454
- Funds due
- $270,025
- Interest + MI left
- $62,105
- First ends
- Jul 2050
Assumption
Assumption + second
$2,626/mo
+$1,569/mo- Down payment
- $40,454
- Funds due
- $52,554
- Interest + MI left
- $407,925
- First ends
- Jul 2050
New loan
New conventional
$2,849/mo
+$1,792/mo- Down payment
- $40,454
- Funds due
- $49,473
- Interest + MI left
- $525,716
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,546 | $140,546 | $359,546 |
| Second mortgage | — | $219,000 | — |
| First P&I | $716.08 | $716.08 | $2,435.69 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | — | — | $71.91 |
| Taxes, insurance & HOA | $341.25 | $341.25 | $341.25 |
| Total housing payment | $1,057.33 | $2,626.27 | $2,848.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,454
Closing costs & prepaids$12,100
Usable credit−$0
Total buyer cash needed$52,554
Earnest money paid−$0
Remaining funds due$52,554
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$702.73
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)$480.00
Initial HOA (3 months)$93.75
Prepaid interest, first (6 days)$76.47
Prepaid interest, second (6 days)$279.00
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$32,384Through Dec 2026
Assumption only · ends Jul 2050$62,105
Assumption + second · ends Jul 2050, second Jan 2057$407,925
New conventional · ends Jan 2057$525,716