Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,436/mo
Lowest payment- Down payment
- $1,073,391
- Funds due
- $1,097,170
- Interest + MI left
- $142,357
- First ends
- Jun 2050
Assumption
Assumption + second
$9,120/mo
+$6,684/mo- Down payment
- $140,391
- Funds due
- $167,203
- Interest + MI left
- $1,615,643
- First ends
- Jun 2050
New loan
New conventional
$9,554/mo
+$7,119/mo- Down payment
- $140,391
- Funds due
- $162,309
- Interest + MI left
- $1,840,295
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,609 | $325,609 | $1,258,609 |
| Second mortgage | — | $933,000 | — |
| First P&I | $1,659.46 | $1,659.46 | $8,526.26 |
| Second P&I | — | $6,684.13 | — |
| Mortgage insurance | — | — | $251.72 |
| Taxes, insurance & HOA | $776.25 | $776.25 | $776.25 |
| Total housing payment | $2,435.71 | $9,119.83 | $9,554.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,391
Closing costs & prepaids$26,812
Usable credit−$0
Total buyer cash needed$167,203
Earnest money paid−$0
Remaining funds due$167,203
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,628.05
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)$1,678.75
Prepaid interest, first (9 days)$264.14
Prepaid interest, second (9 days)$1,782.92
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 6 moOf the original 30-year loan at 3.29%
Interest already paid$75,660Through Dec 2026
Assumption only · ends Jun 2050$142,357
Assumption + second · ends Jun 2050, second Jan 2057$1,615,643
New conventional · ends Jan 2057$1,840,295