Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,259/mo
Lowest payment- Down payment
- $325,431
- Funds due
- $335,090
- Interest + MI left
- $7,443
- First ends
- Jun 2031
Assumption
Assumption + second
$3,323/mo
+$2,063/mo- Down payment
- $37,431
- Funds due
- $48,891
- Interest + MI left
- $462,220
- First ends
- Jun 2031
New loan
New conventional
$2,617/mo
+$1,357/mo- Down payment
- $37,431
- Funds due
- $46,213
- Interest + MI left
- $486,125
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,469 | $44,469 | $332,469 |
| Second mortgage | — | $288,000 | — |
| First P&I | $961.35 | $961.35 | $2,252.26 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $66.49 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,259.35 | $3,322.61 | $2,616.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,431
Closing costs & prepaids$11,460
Usable credit−$0
Total buyer cash needed$48,891
Earnest money paid−$0
Remaining funds due$48,891
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%)$222.35
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)$444.00
Prepaid interest, first (9 days)$76.21
Prepaid interest, second (9 days)$550.36
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 6 moOf the original 30-year loan at 6.95%
Interest already paid$193,412Through Dec 2026
Assumption only · ends Jun 2031$7,443
Assumption + second · ends Jun 2031, second Jan 2057$462,220
New conventional · ends Jan 2057$486,125