Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$947/mo
Lowest payment- Down payment
- $284,527
- Funds due
- $293,479
- Interest + MI left
- $5,109
- First ends
- May 2031
Assumption
Assumption + second
$2,760/mo
+$1,813/mo- Down payment
- $31,527
- Funds due
- $42,212
- Interest + MI left
- $404,617
- First ends
- May 2031
New loan
New conventional
$2,253/mo
+$1,306/mo- Down payment
- $31,527
- Funds due
- $39,667
- Interest + MI left
- $414,484
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,473 | $30,473 | $283,473 |
| Second mortgage | — | $253,000 | — |
| First P&I | $671.36 | $671.36 | $1,920.34 |
| Second P&I | — | $1,812.52 | — |
| Mortgage insurance | — | — | $56.69 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $947.36 | $2,759.88 | $2,253.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,527
Closing costs & prepaids$10,685
Usable credit−$0
Total buyer cash needed$42,212
Earnest money paid−$0
Remaining funds due$42,212
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$152.36
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)$378.00
Prepaid interest, first (9 days)$53.27
Prepaid interest, second (9 days)$483.47
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 5 moOf the original 30-year loan at 7.09%
Interest already paid$136,580Through Dec 2026
Assumption only · ends May 2031$5,109
Assumption + second · ends May 2031, second Jan 2057$404,617
New conventional · ends Jan 2057$414,484