Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$693/mo
Lowest payment- Down payment
- $265,457
- Funds due
- $273,526
- Interest + MI left
- $56
- First ends
- Aug 2027
Assumption
Assumption + second
$2,398/mo
+$1,705/mo- Down payment
- $27,457
- Funds due
- $36,877
- Interest + MI left
- $375,878
- First ends
- Aug 2027
New loan
New conventional
$1,920/mo
+$1,227/mo- Down payment
- $27,457
- Funds due
- $34,533
- Interest + MI left
- $367,633
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $4,443 | $4,443 | $242,443 |
| Second mortgage | — | $238,000 | — |
| First P&I | $499.89 | $499.89 | $1,678.63 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $48.49 |
| Taxes, insurance & HOA | $192.83 | $192.83 | $192.83 |
| Total housing payment | $692.72 | $2,397.79 | $1,919.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,457
Closing costs & prepaids$9,420
Usable credit−$0
Total buyer cash needed$36,877
Earnest money paid−$0
Remaining funds due$36,877
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$22.21
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)$128.50
Prepaid interest, first (2 days)$0.74
Prepaid interest, second (2 days)$101.07
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 closing9 moOf the original 15-year loan at 3.030%
Interest already paid$17,688Through Nov 2026
Assumption only · ends Aug 2027$56
Assumption + second · ends Aug 2027, second Dec 2056$375,878
New conventional · ends Dec 2056$367,633