Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$999/mo
Lowest payment- Down payment
- $392,313
- Funds due
- $402,562
- Interest + MI left
- $2,193
- First ends
- Apr 2031
Assumption
Assumption + second
$3,499/mo
+$2,500/mo- Down payment
- $43,313
- Funds due
- $54,886
- Interest + MI left
- $553,293
- First ends
- Apr 2031
New loan
New conventional
$3,072/mo
+$2,073/mo- Down payment
- $43,313
- Funds due
- $52,251
- Interest + MI left
- $577,261
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,687 | $31,687 | $380,687 |
| Second mortgage | — | $349,000 | — |
| First P&I | $639.23 | $639.23 | $2,635.80 |
| Second P&I | — | $2,500.28 | — |
| Mortgage insurance | — | — | $76.14 |
| Taxes, insurance & HOA | $359.75 | $359.75 | $359.75 |
| Total housing payment | $998.99 | $3,499.27 | $3,071.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,313
Closing costs & prepaids$11,572
Usable credit−$0
Total buyer cash needed$54,886
Earnest money paid−$0
Remaining funds due$54,886
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$158.43
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)$400.00
Initial HOA (3 months)$229.26
Prepaid interest, first (1 days)$2.61
Prepaid interest, second (1 days)$74.10
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 5 moOf the original 15-year loan at 3.010%
Interest already paid$20,369Through Nov 2026
Assumption only · ends Apr 2031$2,193
Assumption + second · ends Apr 2031, second Dec 2056$553,293
New conventional · ends Dec 2056$577,261