Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,153/mo
Lowest payment- Down payment
- $1,218,642
- Funds due
- $1,252,689
- Interest + MI left
- $356,906
- First ends
- Feb 2051
Assumption
Assumption + second
$12,339/mo
+$7,186/mo- Down payment
- $215,642
- Funds due
- $251,365
- Interest + MI left
- $1,940,727
- First ends
- Feb 2051
New loan
New conventional
$14,506/mo
+$9,353/mo- Down payment
- $215,642
- Funds due
- $242,723
- Interest + MI left
- $2,933,569
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $931,348 | $931,348 | $1,934,348 |
| Second mortgage | — | $1,003,000 | — |
| First P&I | $4,426.99 | $4,426.99 | $13,393.03 |
| Second P&I | — | $7,185.61 | — |
| Mortgage insurance | — | — | $386.87 |
| Taxes, insurance & HOA | $726.08 | $726.08 | $726.08 |
| Total housing payment | $5,153.07 | $12,338.69 | $14,505.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$215,642
Closing costs & prepaids$35,723
Usable credit−$0
Total buyer cash needed$251,365
Earnest money paid−$0
Remaining funds due$251,365
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$21,499.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,656.74
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)$1,528.25
Prepaid interest, first (2 days)$144.42
Prepaid interest, second (2 days)$425.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 2.830%
Interest already paid$163,578Through Nov 2026
Assumption only · ends Feb 2051$356,906
Assumption + second · ends Feb 2051, second Dec 2056$1,940,727
New conventional · ends Dec 2056$2,933,569