Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,526/mo
Lowest payment- Down payment
- $238,442
- Funds due
- $250,283
- Interest + MI left
- $91,275
- First ends
- Jul 2050
Assumption
Assumption + second
$2,943/mo
+$1,416/mo- Down payment
- $45,442
- Funds due
- $58,914
- Interest + MI left
- $408,095
- First ends
- Jul 2050
New loan
New conventional
$3,261/mo
+$1,734/mo- Down payment
- $45,442
- Funds due
- $55,542
- Interest + MI left
- $584,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,558 | $206,558 | $399,558 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,052.41 | $1,052.41 | $2,706.75 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $79.91 |
| Taxes, insurance & HOA | $474.00 | $474.00 | $474.00 |
| Total housing payment | $1,526.41 | $2,942.58 | $3,260.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,442
Closing costs & prepaids$13,472
Usable credit−$0
Total buyer cash needed$58,914
Earnest money paid−$0
Remaining funds due$58,914
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,032.79
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)$534.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$168.59
Prepaid interest, second (9 days)$380.71
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$47,594Through Dec 2026
Assumption only · ends Jul 2050$91,275
Assumption + second · ends Jul 2050, second Jan 2057$408,095
New conventional · ends Jan 2057$584,140