Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,528/mo
Lowest payment- Down payment
- $1,464,368
- Funds due
- $1,492,579
- Interest + MI left
- $128,195
- First ends
- Dec 2050
Assumption
Assumption + second
$11,727/mo
+$9,199/mo- Down payment
- $180,368
- Funds due
- $212,283
- Interest + MI left
- $2,155,739
- First ends
- Dec 2050
New loan
New conventional
$12,196/mo
+$9,668/mo- Down payment
- $180,368
- Funds due
- $206,952
- Interest + MI left
- $2,360,859
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,632 | $330,632 | $1,614,632 |
| Second mortgage | — | $1,284,000 | — |
| First P&I | $1,593.15 | $1,593.15 | $10,938.08 |
| Second P&I | — | $9,198.73 | — |
| Mortgage insurance | — | — | $322.93 |
| Taxes, insurance & HOA | $934.67 | $934.67 | $934.67 |
| Total housing payment | $2,527.82 | $11,726.55 | $12,195.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$180,368
Closing costs & prepaids$31,914
Usable credit−$0
Total buyer cash needed$212,283
Earnest money paid−$0
Remaining funds due$212,283
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,653.16
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)$2,154.00
Prepaid interest, first (9 days)$235.61
Prepaid interest, second (9 days)$2,453.67
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 closing24 yrOf the original 30-year loan at 2.89%
Interest already paid$62,088Through Dec 2026
Assumption only · ends Dec 2050$128,195
Assumption + second · ends Dec 2050, second Jan 2057$2,155,739
New conventional · ends Jan 2057$2,360,859