Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,247/mo
Lowest payment- Down payment
- $209,055
- Funds due
- $219,697
- Interest + MI left
- $76,678
- First ends
- May 2050
Assumption
Assumption + second
$2,502/mo
+$1,255/mo- Down payment
- $38,055
- Funds due
- $50,284
- Interest + MI left
- $357,384
- First ends
- May 2050
New loan
New conventional
$2,734/mo
+$1,487/mo- Down payment
- $38,055
- Funds due
- $47,148
- Interest + MI left
- $492,669
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,945 | $165,945 | $336,945 |
| Second mortgage | — | $171,000 | — |
| First P&I | $863.43 | $863.43 | $2,282.58 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $67.39 |
| Taxes, insurance & HOA | $384.00 | $384.00 | $384.00 |
| Total housing payment | $1,247.43 | $2,502.16 | $2,733.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,055
Closing costs & prepaids$12,229
Usable credit−$0
Total buyer cash needed$50,284
Earnest money paid−$0
Remaining funds due$50,284
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$829.72
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)$450.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$141.98
Prepaid interest, second (9 days)$337.32
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$41,155Through Dec 2026
Assumption only · ends May 2050$76,678
Assumption + second · ends May 2050, second Jan 2057$357,384
New conventional · ends Jan 2057$492,669