Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$377/mo
Lowest payment- Down payment
- $348,808
- Funds due
- $358,203
- Interest + MI left
- $6,434
- First ends
- Mar 2050
Assumption
Assumption + second
$2,612/mo
+$2,235/mo- Down payment
- $36,808
- Funds due
- $47,850
- Interest + MI left
- $499,108
- First ends
- Mar 2050
New loan
New conventional
$2,585/mo
+$2,208/mo- Down payment
- $36,808
- Funds due
- $45,340
- Interest + MI left
- $479,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,192 | $16,192 | $328,192 |
| Second mortgage | — | $312,000 | — |
| First P&I | $81.10 | $81.10 | $2,223.29 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | — | — | $65.64 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $377.10 | $2,612.30 | $2,584.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,808
Closing costs & prepaids$11,043
Usable credit−$0
Total buyer cash needed$47,850
Earnest money paid−$0
Remaining funds due$47,850
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%)$80.96
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)$8.12
Prepaid interest, second (6 days)$397.48
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 closing23 yr 3 moOf the original 28-year loan at 3.05%
Interest already paid$2,506Through Dec 2026
Assumption only · ends Mar 2050$6,434
Assumption + second · ends Mar 2050, second Jan 2057$499,108
New conventional · ends Jan 2057$479,871