Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,456/mo
Lowest payment- Down payment
- $1,009,112
- Funds due
- $1,032,592
- Interest + MI left
- $140,420
- First ends
- Apr 2051
Assumption
Assumption + second
$8,682/mo
+$6,226/mo- Down payment
- $140,112
- Funds due
- $165,026
- Interest + MI left
- $1,512,644
- First ends
- Apr 2051
New loan
New conventional
$9,618/mo
+$7,162/mo- Down payment
- $140,112
- Funds due
- $159,670
- Interest + MI left
- $1,910,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $390,888 | $390,888 | $1,259,888 |
| Second mortgage | — | $869,000 | — |
| First P&I | $1,813.34 | $1,813.34 | $8,723.21 |
| Second P&I | — | $6,225.62 | — |
| Mortgage insurance | — | — | $251.98 |
| Taxes, insurance & HOA | $642.75 | $642.75 | $642.75 |
| Total housing payment | $2,456.09 | $8,681.71 | $9,617.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,112
Closing costs & prepaids$24,914
Usable credit−$0
Total buyer cash needed$165,026
Earnest money paid−$0
Remaining funds due$165,026
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,954.44
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)$1,278.25
Prepaid interest, first (1 days)$28.38
Prepaid interest, second (1 days)$184.51
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 closing24 yr 5 moOf the original 30-year loan at 2.650%
Interest already paid$62,381Through Nov 2026
Assumption only · ends Apr 2051$140,420
Assumption + second · ends Apr 2051, second Dec 2056$1,512,644
New conventional · ends Dec 2056$1,910,705