Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,496/mo
Lowest payment- Down payment
- $177,198
- Funds due
- $188,186
- Interest + MI left
- $83,558
- First ends
- Feb 2050
Assumption
Assumption + second
$2,538/mo
+$1,042/mo- Down payment
- $35,198
- Funds due
- $47,717
- Interest + MI left
- $316,659
- First ends
- Feb 2050
New loan
New conventional
$2,753/mo
+$1,256/mo- Down payment
- $35,198
- Funds due
- $44,595
- Interest + MI left
- $452,920
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,802 | $167,802 | $309,802 |
| Second mortgage | — | $142,000 | — |
| First P&I | $904.17 | $904.17 | $2,098.71 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $61.96 |
| Taxes, insurance & HOA | $592.00 | $592.00 | $592.00 |
| Total housing payment | $1,496.17 | $2,538.12 | $2,752.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,198
Closing costs & prepaids$12,518
Usable credit−$0
Total buyer cash needed$47,717
Earnest money paid−$0
Remaining funds due$47,717
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$839.01
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)$414.00
Initial HOA (3 months)$912.00
Prepaid interest, first (9 days)$155.16
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 2 moOf the original 30-year loan at 3.75%
Interest already paid$46,707Through Dec 2026
Assumption only · ends Feb 2050$83,558
Assumption + second · ends Feb 2050, second Jan 2057$316,659
New conventional · ends Jan 2057$452,920