Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$908/mo
Lowest payment- Down payment
- $284,039
- Funds due
- $292,833
- Interest + MI left
- $5,292
- First ends
- May 2031
Assumption
Assumption + second
$2,713/mo
+$1,805/mo- Down payment
- $32,039
- Funds due
- $42,190
- Interest + MI left
- $403,221
- First ends
- May 2031
New loan
New conventional
$2,252/mo
+$1,344/mo- Down payment
- $32,039
- Funds due
- $39,668
- Interest + MI left
- $429,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,961 | $30,961 | $282,961 |
| Second mortgage | — | $252,000 | — |
| First P&I | $671.36 | $671.36 | $1,959.16 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | — | — | $56.59 |
| Taxes, insurance & HOA | $236.58 | $236.58 | $236.58 |
| Total housing payment | $907.94 | $2,713.30 | $2,252.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,039
Closing costs & prepaids$10,152
Usable credit−$0
Total buyer cash needed$42,190
Earnest money paid−$0
Remaining funds due$42,190
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%)$154.81
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)$259.75
Prepaid interest, first (2 days)$12.03
Prepaid interest, second (2 days)$107.01
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 closing4 yr 6 moOf the original 30-year loan at 7.090%
Interest already paid$136,397Through Nov 2026
Assumption only · ends May 2031$5,292
Assumption + second · ends May 2031, second Dec 2056$403,221
New conventional · ends Dec 2056$429,073