Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
Lowest payment- Down payment
- $862,377
- Funds due
- $885,620
- Interest + MI left
- $162,653
- First ends
- Jun 2051
Assumption
Assumption + second
$8,019/mo
+$5,244/mo- Down payment
- $130,377
- Funds due
- $156,269
- Interest + MI left
- $1,318,543
- First ends
- Jun 2051
New loan
New conventional
$8,887/mo
+$6,112/mo- Down payment
- $130,377
- Funds due
- $151,116
- Interest + MI left
- $1,708,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $436,623 | $436,623 | $1,168,623 |
| Second mortgage | — | $732,000 | — |
| First P&I | $2,038.36 | $2,038.36 | $7,916.66 |
| Second P&I | — | $5,244.14 | — |
| Mortgage insurance | — | — | $233.72 |
| Taxes, insurance & HOA | $736.25 | $736.25 | $736.25 |
| Total housing payment | $2,774.61 | $8,018.74 | $8,886.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,377
Closing costs & prepaids$25,893
Usable credit−$0
Total buyer cash needed$156,269
Earnest money paid−$0
Remaining funds due$156,269
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,183.12
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)$1,558.75
Prepaid interest, first (9 days)$293.91
Prepaid interest, second (9 days)$1,398.82
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 6 moOf the original 30-year loan at 2.73%
Interest already paid$70,555Through Dec 2026
Assumption only · ends Jun 2051$162,653
Assumption + second · ends Jun 2051, second Jan 2057$1,318,543
New conventional · ends Jan 2057$1,708,720