Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$828/mo
Lowest payment- Down payment
- $311,921
- Funds due
- $320,764
- Interest + MI left
- $69
- First ends
- May 2027
Assumption
Assumption + second
$2,834/mo
+$2,006/mo- Down payment
- $31,921
- Funds due
- $42,074
- Interest + MI left
- $442,213
- First ends
- May 2027
New loan
New conventional
$2,320/mo
+$1,492/mo- Down payment
- $31,921
- Funds due
- $39,693
- Interest + MI left
- $429,252
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,079 | $3,079 | $283,079 |
| Second mortgage | — | $280,000 | — |
| First P&I | $524.69 | $524.69 | $1,959.98 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $56.62 |
| Taxes, insurance & HOA | $303.08 | $303.08 | $303.08 |
| Total housing payment | $827.77 | $2,833.72 | $2,319.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,921
Closing costs & prepaids$10,153
Usable credit−$0
Total buyer cash needed$42,074
Earnest money paid−$0
Remaining funds due$42,074
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$15.40
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)$459.25
Prepaid interest, first (1 days)$0.65
Prepaid interest, second (1 days)$59.45
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 closing6 moOf the original 30-year loan at 7.650%
Interest already paid$114,868Through Nov 2026
Assumption only · ends May 2027$69
Assumption + second · ends May 2027, second Dec 2056$442,213
New conventional · ends Dec 2056$429,252