Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,035/mo
Lowest payment- Down payment
- $392,873
- Funds due
- $403,248
- Interest + MI left
- $2,113
- First ends
- Apr 2031
Assumption
Assumption + second
$3,543/mo
+$2,507/mo- Down payment
- $42,873
- Funds due
- $55,167
- Interest + MI left
- $554,793
- First ends
- Apr 2031
New loan
New conventional
$3,054/mo
+$2,019/mo- Down payment
- $42,873
- Funds due
- $52,522
- Interest + MI left
- $557,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,127 | $31,127 | $381,127 |
| Second mortgage | — | $350,000 | — |
| First P&I | $639.23 | $639.23 | $2,581.89 |
| Second P&I | — | $2,507.44 | — |
| Mortgage insurance | — | — | $76.23 |
| Taxes, insurance & HOA | $396.00 | $396.00 | $396.00 |
| Total housing payment | $1,035.24 | $3,542.68 | $3,054.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,873
Closing costs & prepaids$12,294
Usable credit−$0
Total buyer cash needed$55,167
Earnest money paid−$0
Remaining funds due$55,167
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$155.64
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)$508.75
Initial HOA (3 months)$229.26
Prepaid interest, first (9 days)$23.10
Prepaid interest, second (9 days)$668.84
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 closing4 yr 4 moOf the original 15-year loan at 3.01%
Interest already paid$20,449Through Dec 2026
Assumption only · ends Apr 2031$2,113
Assumption + second · ends Apr 2031, second Jan 2057$554,793
New conventional · ends Jan 2057$557,271