Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,017/mo
Lowest payment- Down payment
- $384,190
- Funds due
- $393,898
- Interest + MI left
- $539
- First ends
- Apr 2028
Assumption
Assumption + second
$3,482/mo
+$2,464/mo- Down payment
- $40,190
- Funds due
- $51,586
- Interest + MI left
- $543,744
- First ends
- Apr 2028
New loan
New conventional
$2,783/mo
+$1,765/mo- Down payment
- $40,190
- Funds due
- $49,056
- Interest + MI left
- $518,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,810 | $10,810 | $354,810 |
| Second mortgage | — | $344,000 | — |
| First P&I | $709.35 | $709.35 | $2,403.61 |
| Second P&I | — | $2,464.46 | — |
| Mortgage insurance | — | — | $70.96 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,017.35 | $3,481.80 | $2,782.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,190
Closing costs & prepaids$11,397
Usable credit−$0
Total buyer cash needed$51,586
Earnest money paid−$0
Remaining funds due$51,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$54.05
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)$474.00
Prepaid interest, first (6 days)$12.33
Prepaid interest, second (6 days)$438.25
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 4 moOf the original 30-year loan at 6.94%
Interest already paid$147,557Through Dec 2026
Assumption only · ends Apr 2028$539
Assumption + second · ends Apr 2028, second Jan 2057$543,744
New conventional · ends Jan 2057$518,720