Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$931/mo
Lowest payment- Down payment
- $377,677
- Funds due
- $387,345
- Interest + MI left
- $796
- First ends
- Sep 2028
Assumption
Assumption + second
$3,352/mo
+$2,421/mo- Down payment
- $39,677
- Funds due
- $51,241
- Interest + MI left
- $534,526
- First ends
- Sep 2028
New loan
New conventional
$2,749/mo
+$1,819/mo- Down payment
- $39,677
- Funds due
- $48,693
- Interest + MI left
- $512,160
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,323 | $12,323 | $350,323 |
| Second mortgage | — | $338,000 | — |
| First P&I | $624.71 | $624.71 | $2,373.21 |
| Second P&I | — | $2,421.47 | — |
| Mortgage insurance | — | — | $70.06 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $930.71 | $3,352.18 | $2,749.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,677
Closing costs & prepaids$11,565
Usable credit−$0
Total buyer cash needed$51,241
Earnest money paid−$0
Remaining funds due$51,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$61.62
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)$468.00
Prepaid interest, first (9 days)$21.00
Prepaid interest, second (9 days)$645.90
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 9 moOf the original 30-year loan at 6.91%
Interest already paid$129,342Through Dec 2026
Assumption only · ends Sep 2028$796
Assumption + second · ends Sep 2028, second Jan 2057$534,526
New conventional · ends Jan 2057$512,160