Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,866/mo
Lowest payment- Down payment
- $858,711
- Funds due
- $881,991
- Interest + MI left
- $168,768
- First ends
- Oct 2050
Assumption
Assumption + second
$8,081/mo
+$5,215/mo- Down payment
- $130,711
- Funds due
- $156,633
- Interest + MI left
- $1,318,341
- First ends
- Oct 2050
New loan
New conventional
$8,884/mo
+$6,018/mo- Down payment
- $130,711
- Funds due
- $151,446
- Interest + MI left
- $1,708,232
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,289 | $440,289 | $1,168,289 |
| Second mortgage | — | $728,000 | — |
| First P&I | $2,129.57 | $2,129.57 | $7,914.40 |
| Second P&I | — | $5,215.48 | — |
| Mortgage insurance | — | — | $233.66 |
| Taxes, insurance & HOA | $736.25 | $736.25 | $736.25 |
| Total housing payment | $2,865.82 | $8,081.30 | $8,884.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,711
Closing costs & prepaids$25,922
Usable credit−$0
Total buyer cash needed$156,633
Earnest money paid−$0
Remaining funds due$156,633
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%)$2,201.45
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)$312.67
Prepaid interest, second (9 days)$1,391.18
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 closing23 yr 10 moOf the original 30-year loan at 2.88%
Interest already paid$84,926Through Dec 2026
Assumption only · ends Oct 2050$168,768
Assumption + second · ends Oct 2050, second Jan 2057$1,318,341
New conventional · ends Jan 2057$1,708,232