Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,045/mo
Lowest payment- Down payment
- $421,955
- Funds due
- $432,052
- Interest + MI left
- $288
- First ends
- May 2028
Assumption
Assumption + second
$3,753/mo
+$2,708/mo- Down payment
- $43,955
- Funds due
- $55,462
- Interest + MI left
- $597,182
- First ends
- May 2028
New loan
New conventional
$3,090/mo
+$2,045/mo- Down payment
- $43,955
- Funds due
- $52,911
- Interest + MI left
- $592,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,045 | $13,045 | $391,045 |
| Second mortgage | — | $378,000 | — |
| First P&I | $740.74 | $740.74 | $2,707.52 |
| Second P&I | — | $2,708.04 | — |
| Mortgage insurance | — | — | $78.21 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,044.74 | $3,752.77 | $3,089.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,955
Closing costs & prepaids$11,508
Usable credit−$0
Total buyer cash needed$55,462
Earnest money paid−$0
Remaining funds due$55,462
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$65.23
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)$462.00
Prepaid interest, first (2 days)$1.98
Prepaid interest, second (2 days)$160.52
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 closing1 yr 6 moOf the original 15-year loan at 2.770%
Interest already paid$24,044Through Nov 2026
Assumption only · ends May 2028$288
Assumption + second · ends May 2028, second Dec 2056$597,182
New conventional · ends Dec 2056$592,968