Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,553/mo
Lowest payment- Down payment
- $961,334
- Funds due
- $984,689
- Interest + MI left
- $163,649
- First ends
- Jun 2051
Assumption
Assumption + second
$8,435/mo
+$5,882/mo- Down payment
- $140,334
- Funds due
- $165,288
- Interest + MI left
- $1,460,077
- First ends
- Jun 2051
New loan
New conventional
$9,481/mo
+$6,928/mo- Down payment
- $140,334
- Funds due
- $159,749
- Interest + MI left
- $1,908,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,666 | $437,666 | $1,258,666 |
| Second mortgage | — | $821,000 | — |
| First P&I | $2,038.36 | $2,038.36 | $8,714.75 |
| Second P&I | — | $5,881.74 | — |
| Mortgage insurance | — | — | $251.73 |
| Taxes, insurance & HOA | $514.42 | $514.42 | $514.42 |
| Total housing payment | $2,552.77 | $8,434.52 | $9,480.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,334
Closing costs & prepaids$24,954
Usable credit−$0
Total buyer cash needed$165,288
Earnest money paid−$0
Remaining funds due$165,288
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%)$2,188.33
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)$893.25
Prepaid interest, first (2 days)$65.47
Prepaid interest, second (2 days)$348.64
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 7 moOf the original 30-year loan at 2.730%
Interest already paid$69,559Through Nov 2026
Assumption only · ends Jun 2051$163,649
Assumption + second · ends Jun 2051, second Dec 2056$1,460,077
New conventional · ends Dec 2056$1,908,852