Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,834/mo
Lowest payment- Down payment
- $829,189
- Funds due
- $851,804
- Interest + MI left
- $117,827
- First ends
- Mar 2050
Assumption
Assumption + second
$7,935/mo
+$5,101/mo- Down payment
- $117,189
- Funds due
- $141,356
- Interest + MI left
- $1,242,135
- First ends
- Mar 2050
New loan
New conventional
$8,700/mo
+$5,866/mo- Down payment
- $117,189
- Funds due
- $136,507
- Interest + MI left
- $1,598,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,811 | $341,811 | $1,053,811 |
| Second mortgage | — | $712,000 | — |
| First P&I | $1,641.56 | $1,641.56 | $7,296.37 |
| Second P&I | — | $5,100.86 | — |
| Mortgage insurance | — | — | $210.76 |
| Taxes, insurance & HOA | $1,192.50 | $1,192.50 | $1,192.50 |
| Total housing payment | $2,834.06 | $7,934.92 | $8,699.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$117,189
Closing costs & prepaids$24,167
Usable credit−$0
Total buyer cash needed$141,356
Earnest money paid−$0
Remaining funds due$141,356
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,710.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,709.05
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)$2,927.50
Prepaid interest, first (2 days)$50.01
Prepaid interest, second (2 days)$302.36
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 closing23 yr 4 moOf the original 29-year loan at 2.670%
Interest already paid$56,085Through Nov 2026
Assumption only · ends Mar 2050$117,827
Assumption + second · ends Mar 2050, second Dec 2056$1,242,135
New conventional · ends Dec 2056$1,598,175