Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,391/mo
Lowest payment- Down payment
- $1,022,423
- Funds due
- $1,045,652
- Interest + MI left
- $147,514
- First ends
- Jan 2051
Assumption
Assumption + second
$8,710/mo
+$6,319/mo- Down payment
- $140,423
- Funds due
- $165,089
- Interest + MI left
- $1,540,266
- First ends
- Jan 2051
New loan
New conventional
$9,554/mo
+$7,162/mo- Down payment
- $140,423
- Funds due
- $159,792
- Interest + MI left
- $1,910,233
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,577 | $377,577 | $1,259,577 |
| Second mortgage | — | $882,000 | — |
| First P&I | $1,810.66 | $1,810.66 | $8,721.06 |
| Second P&I | — | $6,318.76 | — |
| Mortgage insurance | — | — | $251.92 |
| Taxes, insurance & HOA | $580.83 | $580.83 | $580.83 |
| Total housing payment | $2,391.49 | $8,710.25 | $9,553.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,423
Closing costs & prepaids$24,666
Usable credit−$0
Total buyer cash needed$165,089
Earnest money paid−$0
Remaining funds due$165,089
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,887.88
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,092.50
Prepaid interest, first (1 days)$29.90
Prepaid interest, second (1 days)$187.27
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 closing24 yr 2 moOf the original 30-year loan at 2.890%
Interest already paid$68,749Through Nov 2026
Assumption only · ends Jan 2051$147,514
Assumption + second · ends Jan 2051, second Dec 2056$1,540,266
New conventional · ends Dec 2056$1,910,233