Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,171/mo
Lowest payment- Down payment
- $818,613
- Funds due
- $844,010
- Interest + MI left
- $281,173
- First ends
- Jun 2049
Assumption
Assumption + second
$9,057/mo
+$4,886/mo- Down payment
- $136,613
- Funds due
- $163,550
- Interest + MI left
- $1,358,108
- First ends
- Jun 2049
New loan
New conventional
$9,848/mo
+$5,676/mo- Down payment
- $136,613
- Funds due
- $157,527
- Interest + MI left
- $1,853,832
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $540,387 | $540,387 | $1,222,387 |
| Second mortgage | — | $682,000 | — |
| First P&I | $3,031.59 | $3,031.59 | $8,463.56 |
| Second P&I | — | $4,885.93 | — |
| Mortgage insurance | — | — | $244.48 |
| Taxes, insurance & HOA | $1,139.67 | $1,139.67 | $1,139.67 |
| Total housing payment | $4,171.25 | $9,057.19 | $9,847.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$136,613
Closing costs & prepaids$26,937
Usable credit−$0
Total buyer cash needed$163,550
Earnest money paid−$0
Remaining funds due$163,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,701.94
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)$2,769.00
Prepaid interest, first (2 days)$118.44
Prepaid interest, second (2 days)$289.62
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 closing22 yr 7 moOf the original 30-year loan at 4.000%
Interest already paid$175,198Through Nov 2026
Assumption only · ends Jun 2049$281,173
Assumption + second · ends Jun 2049, second Dec 2056$1,358,108
New conventional · ends Dec 2056$1,853,832