Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,440/mo
Lowest payment- Down payment
- $178,262
- Funds due
- $189,096
- Interest + MI left
- $88,515
- First ends
- Jan 2050
Assumption
Assumption + second
$2,482/mo
+$1,042/mo- Down payment
- $36,262
- Funds due
- $48,626
- Interest + MI left
- $321,616
- First ends
- Jan 2050
New loan
New conventional
$2,722/mo
+$1,282/mo- Down payment
- $36,262
- Funds due
- $45,439
- Interest + MI left
- $473,344
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,728 | $181,728 | $323,728 |
| Second mortgage | — | $142,000 | — |
| First P&I | $975.61 | $975.61 | $2,193.05 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $64.75 |
| Taxes, insurance & HOA | $464.00 | $464.00 | $464.00 |
| Total housing payment | $1,439.61 | $2,481.55 | $2,721.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,262
Closing costs & prepaids$12,364
Usable credit−$0
Total buyer cash needed$48,626
Earnest money paid−$0
Remaining funds due$48,626
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$908.64
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)$432.00
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$165.35
Prepaid interest, second (9 days)$280.11
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 1 moOf the original 30-year loan at 3.69%
Interest already paid$50,485Through Dec 2026
Assumption only · ends Jan 2050$88,515
Assumption + second · ends Jan 2050, second Jan 2057$321,616
New conventional · ends Jan 2057$473,344