Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,287/mo
Lowest payment- Down payment
- $396,103
- Funds due
- $406,402
- Interest + MI left
- $3,533
- First ends
- Nov 2029
Assumption
Assumption + second
$3,815/mo
+$2,529/mo- Down payment
- $43,103
- Funds due
- $55,327
- Interest + MI left
- $560,950
- First ends
- Nov 2029
New loan
New conventional
$3,023/mo
+$1,737/mo- Down payment
- $43,103
- Funds due
- $52,653
- Interest + MI left
- $558,397
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,897 | $28,897 | $381,897 |
| Second mortgage | — | $353,000 | — |
| First P&I | $926.55 | $926.55 | $2,587.10 |
| Second P&I | — | $2,528.94 | — |
| Mortgage insurance | — | — | $76.38 |
| Taxes, insurance & HOA | $360.00 | $360.00 | $360.00 |
| Total housing payment | $1,286.55 | $3,815.49 | $3,023.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,103
Closing costs & prepaids$12,223
Usable credit−$0
Total buyer cash needed$55,327
Earnest money paid−$0
Remaining funds due$55,327
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$144.48
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)$510.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$56.00
Prepaid interest, second (9 days)$674.57
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 closing2 yr 11 moOf the original 30-year loan at 7.86%
Interest already paid$202,055Through Dec 2026
Assumption only · ends Nov 2029$3,533
Assumption + second · ends Nov 2029, second Jan 2057$560,950
New conventional · ends Jan 2057$558,397