Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,151/mo
Lowest payment- Down payment
- $315,721
- Funds due
- $325,301
- Interest + MI left
- $4,557
- First ends
- Mar 2032
Assumption
Assumption + second
$3,149/mo
+$1,999/mo- Down payment
- $36,721
- Funds due
- $47,906
- Interest + MI left
- $445,121
- First ends
- Mar 2032
New loan
New conventional
$2,586/mo
+$1,435/mo- Down payment
- $36,721
- Funds due
- $45,254
- Interest + MI left
- $479,998
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,279 | $49,279 | $328,279 |
| Second mortgage | — | $279,000 | — |
| First P&I | $854.53 | $854.53 | $2,223.88 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | — | — | $65.66 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $1,150.53 | $3,149.32 | $2,585.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,721
Closing costs & prepaids$11,185
Usable credit−$0
Total buyer cash needed$47,906
Earnest money paid−$0
Remaining funds due$47,906
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$246.39
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)$438.00
Prepaid interest, first (6 days)$27.30
Prepaid interest, second (6 days)$355.44
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 closing5 yr 3 moOf the original 15-year loan at 3.37%
Interest already paid$28,650Through Dec 2026
Assumption only · ends Mar 2032$4,557
Assumption + second · ends Mar 2032, second Jan 2057$445,121
New conventional · ends Jan 2057$479,998