Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,276/mo
Lowest payment- Down payment
- $393,226
- Funds due
- $403,712
- Interest + MI left
- $8,232
- First ends
- Sep 2031
Assumption
Assumption + second
$3,776/mo
+$2,500/mo- Down payment
- $44,226
- Funds due
- $56,036
- Interest + MI left
- $559,333
- First ends
- Sep 2031
New loan
New conventional
$3,173/mo
+$1,896/mo- Down payment
- $44,226
- Funds due
- $53,326
- Interest + MI left
- $596,348
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,274 | $44,274 | $393,274 |
| Second mortgage | — | $349,000 | — |
| First P&I | $905.27 | $905.27 | $2,722.95 |
| Second P&I | — | $2,500.28 | — |
| Mortgage insurance | — | — | $78.65 |
| Taxes, insurance & HOA | $370.92 | $370.92 | $370.92 |
| Total housing payment | $1,276.19 | $3,776.47 | $3,172.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,226
Closing costs & prepaids$11,810
Usable credit−$0
Total buyer cash needed$56,036
Earnest money paid−$0
Remaining funds due$56,036
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,375.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$221.37
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)$662.75
Prepaid interest, first (1 days)$8.68
Prepaid interest, second (1 days)$74.10
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 closing4 yr 10 moOf the original 30-year loan at 7.160%
Interest already paid$183,766Through Nov 2026
Assumption only · ends Sep 2031$8,232
Assumption + second · ends Sep 2031, second Dec 2056$559,333
New conventional · ends Dec 2056$596,348