Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,837/mo
Lowest payment- Down payment
- $388,692
- Funds due
- $399,216
- Interest + MI left
- $2,560
- First ends
- Nov 2029
Assumption
Assumption + second
$4,302/mo
+$2,464/mo- Down payment
- $44,692
- Funds due
- $56,612
- Interest + MI left
- $545,765
- First ends
- Nov 2029
New loan
New conventional
$3,178/mo
+$1,340/mo- Down payment
- $44,692
- Funds due
- $53,876
- Interest + MI left
- $597,916
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,308 | $50,308 | $394,308 |
| Second mortgage | — | $344,000 | — |
| First P&I | $1,468.58 | $1,468.58 | $2,730.11 |
| Second P&I | — | $2,464.46 | — |
| Mortgage insurance | — | — | $78.86 |
| Taxes, insurance & HOA | $368.75 | $368.75 | $368.75 |
| Total housing payment | $1,837.33 | $4,301.79 | $3,177.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,692
Closing costs & prepaids$11,921
Usable credit−$0
Total buyer cash needed$56,612
Earnest money paid−$0
Remaining funds due$56,612
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$251.54
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)$656.25
Prepaid interest, first (2 days)$8.96
Prepaid interest, second (2 days)$146.08
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 closing3 yrOf the original 15-year loan at 3.250%
Interest already paid$52,784Through Nov 2026
Assumption only · ends Nov 2029$2,560
Assumption + second · ends Nov 2029, second Dec 2056$545,765
New conventional · ends Dec 2056$597,916