Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$537/mo
Lowest payment- Down payment
- $338,730
- Funds due
- $348,501
- Interest + MI left
- $4,155
- First ends
- Dec 2049
Assumption
Assumption + second
$2,708/mo
+$2,171/mo- Down payment
- $35,730
- Funds due
- $46,815
- Interest + MI left
- $482,618
- First ends
- Dec 2049
New loan
New conventional
$2,720/mo
+$2,183/mo- Down payment
- $35,730
- Funds due
- $44,356
- Interest + MI left
- $476,549
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,270 | $11,270 | $314,270 |
| Second mortgage | — | $303,000 | — |
| First P&I | $55.69 | $55.69 | $2,175.94 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $62.85 |
| Taxes, insurance & HOA | $481.67 | $481.67 | $481.67 |
| Total housing payment | $537.35 | $2,708.08 | $2,720.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,730
Closing costs & prepaids$11,085
Usable credit−$0
Total buyer cash needed$46,815
Earnest money paid−$0
Remaining funds due$46,815
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$56.35
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)$875.00
Initial HOA (3 months)$120.00
Prepaid interest, first (1 days)$0.89
Prepaid interest, second (1 days)$64.34
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 closing23 yr 1 moOf the original 28-year loan at 2.870%
Interest already paid$1,706Through Nov 2026
Assumption only · ends Dec 2049$4,155
Assumption + second · ends Dec 2049, second Dec 2056$482,618
New conventional · ends Dec 2056$476,549