Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,632/mo
Lowest payment- Down payment
- $386,096
- Funds due
- $396,658
- Interest + MI left
- $5,629
- First ends
- Apr 2031
Assumption
Assumption + second
$4,075/mo
+$2,443/mo- Down payment
- $45,096
- Funds due
- $57,053
- Interest + MI left
- $544,096
- First ends
- Apr 2031
New loan
New conventional
$3,205/mo
+$1,573/mo- Down payment
- $45,096
- Funds due
- $54,246
- Interest + MI left
- $614,063
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,903 | $63,903 | $404,903 |
| Second mortgage | — | $341,000 | — |
| First P&I | $1,311.92 | $1,311.92 | $2,803.47 |
| Second P&I | — | $2,442.97 | — |
| Mortgage insurance | — | — | $80.98 |
| Taxes, insurance & HOA | $320.50 | $320.50 | $320.50 |
| Total housing payment | $1,632.42 | $4,075.38 | $3,204.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,096
Closing costs & prepaids$11,957
Usable credit−$0
Total buyer cash needed$57,053
Earnest money paid−$0
Remaining funds due$57,053
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$319.52
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)$424.50
Initial HOA (3 months)$87.00
Prepaid interest, first (2 days)$13.34
Prepaid interest, second (2 days)$144.81
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 closing4 yr 5 moOf the original 15-year loan at 3.810%
Interest already paid$50,852Through Nov 2026
Assumption only · ends Apr 2031$5,629
Assumption + second · ends Apr 2031, second Dec 2056$544,096
New conventional · ends Dec 2056$614,063