Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$937/mo
Lowest payment- Down payment
- $313,597
- Funds due
- $322,769
- Interest + MI left
- $6,259
- First ends
- Dec 2031
Assumption
Assumption + second
$2,928/mo
+$1,992/mo- Down payment
- $35,597
- Funds due
- $46,078
- Interest + MI left
- $445,244
- First ends
- Dec 2031
New loan
New conventional
$2,478/mo
+$1,541/mo- Down payment
- $35,597
- Funds due
- $43,496
- Interest + MI left
- $476,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,303 | $36,303 | $314,303 |
| Second mortgage | — | $278,000 | — |
| First P&I | $697.73 | $697.73 | $2,176.17 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | — | — | $62.86 |
| Taxes, insurance & HOA | $239.00 | $239.00 | $239.00 |
| Total housing payment | $936.73 | $2,928.35 | $2,478.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,597
Closing costs & prepaids$10,481
Usable credit−$0
Total buyer cash needed$46,078
Earnest money paid−$0
Remaining funds due$46,078
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$181.51
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)$267.00
Prepaid interest, first (1 days)$6.31
Prepaid interest, second (1 days)$59.03
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 closing5 yr 1 moOf the original 30-year loan at 6.340%
Interest already paid$132,673Through Nov 2026
Assumption only · ends Dec 2031$6,259
Assumption + second · ends Dec 2031, second Dec 2056$445,244
New conventional · ends Dec 2056$476,599