Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,439/mo
Lowest payment- Down payment
- $380,009
- Funds due
- $390,344
- Interest + MI left
- $6,025
- First ends
- Jun 2030
Assumption
Assumption + second
$3,861/mo
+$2,421/mo- Down payment
- $42,009
- Funds due
- $54,240
- Interest + MI left
- $539,756
- First ends
- Jun 2030
New loan
New conventional
$2,997/mo
+$1,557/mo- Down payment
- $42,009
- Funds due
- $51,524
- Interest + MI left
- $551,223
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,991 | $38,991 | $376,991 |
| Second mortgage | — | $338,000 | — |
| First P&I | $1,071.80 | $1,071.80 | $2,553.87 |
| Second P&I | — | $2,421.47 | — |
| Mortgage insurance | — | — | $75.40 |
| Taxes, insurance & HOA | $367.58 | $367.58 | $367.58 |
| Total housing payment | $1,439.39 | $3,860.86 | $2,996.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,009
Closing costs & prepaids$12,231
Usable credit−$0
Total buyer cash needed$54,240
Earnest money paid−$0
Remaining funds due$54,240
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$194.95
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)$502.75
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$79.22
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 closing3 yr 6 moOf the original 30-year loan at 8.24%
Interest already paid$237,025Through Dec 2026
Assumption only · ends Jun 2030$6,025
Assumption + second · ends Jun 2030, second Jan 2057$539,756
New conventional · ends Jan 2057$551,223