Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,065/mo
Lowest payment- Down payment
- $422,665
- Funds due
- $432,823
- Interest + MI left
- $258
- First ends
- May 2028
Assumption
Assumption + second
$3,780/mo
+$2,715/mo- Down payment
- $43,665
- Funds due
- $55,555
- Interest + MI left
- $598,731
- First ends
- May 2028
New loan
New conventional
$3,053/mo
+$1,989/mo- Down payment
- $43,665
- Funds due
- $52,987
- Interest + MI left
- $572,196
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,335 | $12,335 | $391,335 |
| Second mortgage | — | $379,000 | — |
| First P&I | $740.74 | $740.74 | $2,651.04 |
| Second P&I | — | $2,715.20 | — |
| Mortgage insurance | — | — | $78.27 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,064.74 | $3,779.94 | $3,053.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,665
Closing costs & prepaids$11,890
Usable credit−$0
Total buyer cash needed$55,555
Earnest money paid−$0
Remaining funds due$55,555
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$61.67
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)$522.00
Prepaid interest, first (6 days)$5.62
Prepaid interest, second (6 days)$482.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing1 yr 5 moOf the original 15-year loan at 2.77%
Interest already paid$24,075Through Dec 2026
Assumption only · ends May 2028$258
Assumption + second · ends May 2028, second Jan 2057$598,731
New conventional · ends Jan 2057$572,196