Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,411/mo
Lowest payment- Down payment
- $198,268
- Funds due
- $209,342
- Interest + MI left
- $80,703
- First ends
- Aug 2051
Assumption
Assumption + second
$2,585/mo
+$1,174/mo- Down payment
- $38,268
- Funds due
- $50,627
- Interest + MI left
- $343,351
- First ends
- Aug 2051
New loan
New conventional
$2,962/mo
+$1,550/mo- Down payment
- $38,268
- Funds due
- $47,312
- Interest + MI left
- $518,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,632 | $181,632 | $341,632 |
| Second mortgage | — | $160,000 | — |
| First P&I | $883.28 | $883.28 | $2,365.39 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $68.33 |
| Taxes, insurance & HOA | $527.83 | $527.83 | $527.83 |
| Total housing payment | $1,411.12 | $2,585.14 | $2,961.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,268
Closing costs & prepaids$12,360
Usable credit−$0
Total buyer cash needed$50,627
Earnest money paid−$0
Remaining funds due$50,627
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$908.16
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)$848.50
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$15.77
Prepaid interest, second (1 days)$35.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing24 yr 9 moOf the original 30-year loan at 3.170%
Interest already paid$32,259Through Nov 2026
Assumption only · ends Aug 2051$80,703
Assumption + second · ends Aug 2051, second Dec 2056$343,351
New conventional · ends Dec 2056$518,108