Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$23,306/mo
+$20,152/mo- Down payment
- $360,023
- Funds due
- $370,882
- Interest + MI left
- $1,930
- First ends
- Apr 2027
Assumption
Assumption + second
$25,563/mo
+$22,409/mo- Down payment
- $45,023
- Funds due
- $57,534
- Interest + MI left
- $499,341
- First ends
- Apr 2027
New loan
New conventional
$3,154/mo
Lowest payment- Down payment
- $45,023
- Funds due
- $54,516
- Interest + MI left
- $592,142
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,976 | $89,976 | $404,976 |
| Second mortgage | — | $315,000 | — |
| First P&I | $22,976.40 | $22,976.40 | $2,743.45 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | — | — | $81.00 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $23,306.40 | $25,563.10 | $3,154.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,023
Closing costs & prepaids$12,511
Usable credit−$0
Total buyer cash needed$57,534
Earnest money paid−$0
Remaining funds due$57,534
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$449.88
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)$540.00
Prepaid interest, first (6 days)$151.60
Prepaid interest, second (6 days)$401.30
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 moOf the original 1-year loan at 10.25%
Interest already paid$12,787Through Dec 2026
Assumption only · ends Apr 2027$1,930
Assumption + second · ends Apr 2027, second Jan 2057$499,341
New conventional · ends Jan 2057$592,142