Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,026/mo
Lowest payment- Down payment
- $1,208,734
- Funds due
- $1,235,980
- Interest + MI left
- $195,689
- First ends
- Nov 2051
Assumption
Assumption + second
$10,469/mo
+$7,444/mo- Down payment
- $169,734
- Funds due
- $198,450
- Interest + MI left
- $1,836,357
- First ends
- Nov 2051
New loan
New conventional
$11,618/mo
+$8,593/mo- Down payment
- $169,734
- Funds due
- $192,329
- Interest + MI left
- $2,313,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,266 | $486,266 | $1,525,266 |
| Second mortgage | — | $1,039,000 | — |
| First P&I | $2,273.18 | $2,273.18 | $10,560.63 |
| Second P&I | — | $7,443.52 | — |
| Mortgage insurance | — | — | $305.05 |
| Taxes, insurance & HOA | $752.67 | $752.67 | $752.67 |
| Total housing payment | $3,025.85 | $10,469.37 | $11,618.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$169,734
Closing costs & prepaids$28,716
Usable credit−$0
Total buyer cash needed$198,450
Earnest money paid−$0
Remaining funds due$198,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,431.33
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)$1,608.00
Prepaid interest, first (1 days)$38.24
Prepaid interest, second (1 days)$220.61
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yrOf the original 30-year loan at 2.870%
Interest already paid$74,407Through Nov 2026
Assumption only · ends Nov 2051$195,689
Assumption + second · ends Nov 2051, second Dec 2056$1,836,357
New conventional · ends Dec 2056$2,313,169