Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,494/mo
Lowest payment- Down payment
- $1,195,872
- Funds due
- $1,231,184
- Interest + MI left
- $354,709
- First ends
- Feb 2051
Assumption
Assumption + second
$12,536/mo
+$7,042/mo- Down payment
- $212,872
- Funds due
- $251,313
- Interest + MI left
- $1,906,949
- First ends
- Feb 2051
New loan
New conventional
$14,402/mo
+$8,909/mo- Down payment
- $212,872
- Funds due
- $243,353
- Interest + MI left
- $2,795,833
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $929,118 | $929,118 | $1,912,118 |
| Second mortgage | — | $983,000 | — |
| First P&I | $4,426.99 | $4,426.99 | $12,953.35 |
| Second P&I | — | $7,042.33 | — |
| Mortgage insurance | — | — | $382.42 |
| Taxes, insurance & HOA | $1,066.67 | $1,066.67 | $1,066.67 |
| Total housing payment | $5,493.66 | $12,535.99 | $14,402.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$212,872
Closing costs & prepaids$38,440
Usable credit−$0
Total buyer cash needed$251,313
Earnest money paid−$0
Remaining funds due$251,313
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$21,249.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,645.59
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)$2,550.00
Prepaid interest, first (9 days)$648.35
Prepaid interest, second (9 days)$1,878.47
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 yr 2 moOf the original 30-year loan at 2.83%
Interest already paid$165,774Through Dec 2026
Assumption only · ends Feb 2051$354,709
Assumption + second · ends Feb 2051, second Jan 2057$1,906,949
New conventional · ends Jan 2057$2,795,833