Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,397/mo
Lowest payment- Down payment
- $284,242
- Funds due
- $293,716
- Interest + MI left
- $45
- First ends
- Jun 2027
Assumption
Assumption + second
$3,224/mo
+$1,827/mo- Down payment
- $29,242
- Funds due
- $40,291
- Interest + MI left
- $402,711
- First ends
- Jun 2027
New loan
New conventional
$2,408/mo
+$1,011/mo- Down payment
- $29,242
- Funds due
- $37,911
- Interest + MI left
- $379,809
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $4,758 | $4,758 | $259,758 |
| Second mortgage | — | $255,000 | — |
| First P&I | $800.38 | $800.38 | $1,759.69 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | — | — | $51.95 |
| Taxes, insurance & HOA | $596.58 | $596.58 | $596.58 |
| Total housing payment | $1,396.96 | $3,223.81 | $2,408.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,242
Closing costs & prepaids$11,049
Usable credit−$0
Total buyer cash needed$40,291
Earnest money paid−$0
Remaining funds due$40,291
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$23.79
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)$346.75
Initial HOA (3 months)$993.00
Prepaid interest, first (6 days)$2.50
Prepaid interest, second (6 days)$324.86
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 closing6 moOf the original 15-year loan at 3.2%
Interest already paid$29,723Through Dec 2026
Assumption only · ends Jun 2027$45
Assumption + second · ends Jun 2027, second Jan 2057$402,711
New conventional · ends Jan 2057$379,809