Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$856/mo
Lowest payment- Down payment
- $323,499
- Funds due
- $332,801
- Interest + MI left
- $4,650
- First ends
- Jul 2031
Assumption
Assumption + second
$2,920/mo
+$2,063/mo- Down payment
- $35,499
- Funds due
- $46,418
- Interest + MI left
- $459,427
- First ends
- Jul 2031
New loan
New conventional
$2,483/mo
+$1,627/mo- Down payment
- $35,499
- Funds due
- $43,860
- Interest + MI left
- $459,852
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $26,501 | $26,501 | $314,501 |
| Second mortgage | — | $288,000 | — |
| First P&I | $566.38 | $566.38 | $2,130.54 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $62.90 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $856.38 | $2,919.65 | $2,483.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,499
Closing costs & prepaids$10,919
Usable credit−$0
Total buyer cash needed$46,418
Earnest money paid−$0
Remaining funds due$46,418
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$132.50
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)$420.00
Prepaid interest, first (6 days)$31.10
Prepaid interest, second (6 days)$366.90
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 closing4 yr 7 moOf the original 30-year loan at 7.14%
Interest already paid$115,306Through Dec 2026
Assumption only · ends Jul 2031$4,650
Assumption + second · ends Jul 2031, second Jan 2057$459,427
New conventional · ends Jan 2057$459,852