Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$987/mo
Lowest payment- Down payment
- $287,297
- Funds due
- $297,540
- Interest + MI left
- $38,403
- First ends
- Feb 2045
Assumption
Assumption + second
$2,756/mo
+$1,770/mo- Down payment
- $40,297
- Funds due
- $51,895
- Interest + MI left
- $428,437
- First ends
- Feb 2045
New loan
New conventional
$2,859/mo
+$1,872/mo- Down payment
- $40,297
- Funds due
- $48,905
- Interest + MI left
- $545,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,702 | $112,702 | $359,702 |
| Second mortgage | — | $247,000 | — |
| First P&I | $689.98 | $689.98 | $2,490.50 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | — | — | $71.94 |
| Taxes, insurance & HOA | $296.83 | $296.83 | $296.83 |
| Total housing payment | $986.81 | $2,756.35 | $2,859.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,297
Closing costs & prepaids$11,598
Usable credit−$0
Total buyer cash needed$51,895
Earnest money paid−$0
Remaining funds due$51,895
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$563.51
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)$440.50
Prepaid interest, first (2 days)$20.84
Prepaid interest, second (2 days)$104.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing18 yr 3 moOf the original 30-year loan at 3.375%
Interest already paid$53,919Through Nov 2026
Assumption only · ends Feb 2045$38,403
Assumption + second · ends Feb 2045, second Dec 2056$428,437
New conventional · ends Dec 2056$545,512