Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,776/mo
Lowest payment- Down payment
- $1,367,109
- Funds due
- $1,396,691
- Interest + MI left
- $151,735
- First ends
- Dec 2045
Assumption
Assumption + second
$12,222/mo
+$8,447/mo- Down payment
- $188,109
- Funds due
- $219,192
- Interest + MI left
- $2,013,475
- First ends
- Dec 2045
New loan
New conventional
$12,912/mo
+$9,137/mo- Down payment
- $188,109
- Funds due
- $212,780
- Interest + MI left
- $2,558,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $507,891 | $507,891 | $1,686,891 |
| Second mortgage | — | $1,179,000 | — |
| First P&I | $2,880.46 | $2,880.46 | $11,679.69 |
| Second P&I | — | $8,446.50 | — |
| Mortgage insurance | — | — | $337.38 |
| Taxes, insurance & HOA | $895.08 | $895.08 | $895.08 |
| Total housing payment | $3,775.55 | $12,222.05 | $12,912.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$188,109
Closing costs & prepaids$31,083
Usable credit−$0
Total buyer cash needed$219,192
Earnest money paid−$0
Remaining funds due$219,192
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,539.46
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)$2,035.25
Prepaid interest, first (1 days)$39.80
Prepaid interest, second (1 days)$250.34
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 closing19 yr 1 moOf the original 25-year loan at 2.860%
Interest already paid$95,552Through Nov 2026
Assumption only · ends Dec 2045$151,735
Assumption + second · ends Dec 2045, second Dec 2056$2,013,475
New conventional · ends Dec 2056$2,558,284