Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,086/mo
Lowest payment- Down payment
- $397,439
- Funds due
- $407,332
- Interest + MI left
- $668
- First ends
- May 2028
Assumption
Assumption + second
$3,637/mo
+$2,550/mo- Down payment
- $41,439
- Funds due
- $53,262
- Interest + MI left
- $562,822
- First ends
- May 2028
New loan
New conventional
$2,884/mo
+$1,797/mo- Down payment
- $41,439
- Funds due
- $50,693
- Interest + MI left
- $538,751
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,461 | $12,461 | $368,461 |
| Second mortgage | — | $356,000 | — |
| First P&I | $772.32 | $772.32 | $2,496.08 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | — | — | $73.69 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,086.32 | $3,636.75 | $2,883.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,439
Closing costs & prepaids$11,823
Usable credit−$0
Total buyer cash needed$53,262
Earnest money paid−$0
Remaining funds due$53,262
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$62.31
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)$492.00
Prepaid interest, first (9 days)$21.63
Prepaid interest, second (9 days)$680.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 7.04%
Interest already paid$161,750Through Dec 2026
Assumption only · ends May 2028$668
Assumption + second · ends May 2028, second Jan 2057$562,822
New conventional · ends Jan 2057$538,751