Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,794/mo
Lowest payment- Down payment
- $390,024
- Funds due
- $400,430
- Interest + MI left
- $2,424
- First ends
- Nov 2029
Assumption
Assumption + second
$4,273/mo
+$2,479/mo- Down payment
- $44,024
- Funds due
- $56,121
- Interest + MI left
- $548,787
- First ends
- Nov 2029
New loan
New conventional
$3,080/mo
+$1,286/mo- Down payment
- $44,024
- Funds due
- $53,392
- Interest + MI left
- $577,520
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,976 | $48,976 | $394,976 |
| Second mortgage | — | $346,000 | — |
| First P&I | $1,468.58 | $1,468.58 | $2,675.71 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | — | — | $79.00 |
| Taxes, insurance & HOA | $325.58 | $325.58 | $325.58 |
| Total housing payment | $1,794.16 | $4,272.95 | $3,080.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,024
Closing costs & prepaids$12,097
Usable credit−$0
Total buyer cash needed$56,121
Earnest money paid−$0
Remaining funds due$56,121
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$244.88
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)$526.75
Prepaid interest, first (6 days)$26.17
Prepaid interest, second (6 days)$440.79
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 closing2 yr 11 moOf the original 15-year loan at 3.25%
Interest already paid$52,920Through Dec 2026
Assumption only · ends Nov 2029$2,424
Assumption + second · ends Nov 2029, second Jan 2057$548,787
New conventional · ends Jan 2057$577,520