Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,494/mo
Lowest payment- Down payment
- $221,435
- Funds due
- $232,870
- Interest + MI left
- $99,249
- First ends
- Feb 2050
Assumption
Assumption + second
$2,800/mo
+$1,306/mo- Down payment
- $43,435
- Funds due
- $56,472
- Interest + MI left
- $391,446
- First ends
- Feb 2050
New loan
New conventional
$3,066/mo
+$1,572/mo- Down payment
- $43,435
- Funds due
- $53,116
- Interest + MI left
- $557,835
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,565 | $203,565 | $381,565 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,089.26 | $1,089.26 | $2,584.85 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $76.31 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $1,494.26 | $2,800.36 | $3,066.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,435
Closing costs & prepaids$13,037
Usable credit−$0
Total buyer cash needed$56,472
Earnest money paid−$0
Remaining funds due$56,472
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,017.83
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)$510.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$184.71
Prepaid interest, second (9 days)$351.12
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 3.68%
Interest already paid$55,652Through Dec 2026
Assumption only · ends Feb 2050$99,249
Assumption + second · ends Feb 2050, second Jan 2057$391,446
New conventional · ends Jan 2057$557,835