Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,289/mo
Lowest payment- Down payment
- $324,731
- Funds due
- $334,414
- Interest + MI left
- $7,705
- First ends
- Jun 2031
Assumption
Assumption + second
$3,345/mo
+$2,056/mo- Down payment
- $37,731
- Funds due
- $48,725
- Interest + MI left
- $460,902
- First ends
- Jun 2031
New loan
New conventional
$2,693/mo
+$1,405/mo- Down payment
- $37,731
- Funds due
- $46,077
- Interest + MI left
- $503,690
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,169 | $45,169 | $332,169 |
| Second mortgage | — | $287,000 | — |
| First P&I | $961.35 | $961.35 | $2,299.87 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | — | — | $66.43 |
| Taxes, insurance & HOA | $327.17 | $327.17 | $327.17 |
| Total housing payment | $1,288.51 | $3,344.62 | $2,693.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,731
Closing costs & prepaids$10,994
Usable credit−$0
Total buyer cash needed$48,725
Earnest money paid−$0
Remaining funds due$48,725
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$225.85
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)$531.50
Prepaid interest, first (1 days)$8.60
Prepaid interest, second (1 days)$60.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 6.950%
Interest already paid$193,150Through Nov 2026
Assumption only · ends Jun 2031$7,705
Assumption + second · ends Jun 2031, second Dec 2056$460,902
New conventional · ends Dec 2056$503,690