Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$607/mo
Lowest payment- Down payment
- $345,795
- Funds due
- $355,920
- Interest + MI left
- $16,509
- First ends
- Sep 2056
Assumption
Assumption + second
$2,806/mo
+$2,199/mo- Down payment
- $38,795
- Funds due
- $50,235
- Interest + MI left
- $501,287
- First ends
- Sep 2056
New loan
New conventional
$2,887/mo
+$2,280/mo- Down payment
- $38,795
- Funds due
- $47,643
- Interest + MI left
- $514,292
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,205 | $32,205 | $339,205 |
| Second mortgage | — | $307,000 | — |
| First P&I | $136.07 | $136.07 | $2,348.59 |
| Second P&I | — | $2,199.39 | — |
| Mortgage insurance | — | — | $67.84 |
| Taxes, insurance & HOA | $470.83 | $470.83 | $470.83 |
| Total housing payment | $606.90 | $2,806.29 | $2,887.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,795
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$50,235
Earnest money paid−$0
Remaining funds due$50,235
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,780.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$161.02
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)$962.50
Prepaid interest, first (1 days)$2.64
Prepaid interest, second (1 days)$65.18
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 closing29 yr 10 moOf the original 34-year loan at 2.990%
Interest already paid$4,182Through Nov 2026
Assumption only · ends Sep 2056$16,509
Assumption + second · ends Sep 2056, second Dec 2056$501,287
New conventional · ends Dec 2056$514,292