Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,182/mo
Lowest payment- Down payment
- $222,402
- Funds due
- $232,947
- Interest + MI left
- $61,563
- First ends
- Jul 2050
Assumption
Assumption + second
$2,539/mo
+$1,357/mo- Down payment
- $37,402
- Funds due
- $49,278
- Interest + MI left
- $365,250
- First ends
- Jul 2050
New loan
New conventional
$2,797/mo
+$1,615/mo- Down payment
- $37,402
- Funds due
- $46,174
- Interest + MI left
- $496,759
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,598 | $142,598 | $327,598 |
| Second mortgage | — | $185,000 | — |
| First P&I | $718.88 | $718.88 | $2,268.22 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | — | — | $65.52 |
| Taxes, insurance & HOA | $462.83 | $462.83 | $462.83 |
| Total housing payment | $1,181.71 | $2,539.17 | $2,796.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,402
Closing costs & prepaids$11,876
Usable credit−$0
Total buyer cash needed$49,278
Earnest money paid−$0
Remaining funds due$49,278
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$712.99
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)$542.50
Initial HOA (3 months)$396.00
Prepaid interest, first (2 days)$25.24
Prepaid interest, second (2 days)$81.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 3.230%
Interest already paid$31,634Through Nov 2026
Assumption only · ends Jul 2050$61,563
Assumption + second · ends Jul 2050, second Dec 2056$365,250
New conventional · ends Dec 2056$496,759