Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,819/mo
Lowest payment- Down payment
- $1,503,620
- Funds due
- $1,530,458
- Interest + MI left
- $34,521
- First ends
- Dec 2037
Assumption
Assumption + second
$12,369/mo
+$9,550/mo- Down payment
- $170,620
- Funds due
- $199,274
- Interest + MI left
- $2,139,440
- First ends
- Dec 2037
New loan
New conventional
$11,978/mo
+$9,159/mo- Down payment
- $170,620
- Funds due
- $194,570
- Interest + MI left
- $2,317,891
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,380 | $195,380 | $1,528,380 |
| Second mortgage | — | $1,333,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $10,582.19 |
| Second P&I | — | $9,549.78 | — |
| Mortgage insurance | — | — | $305.68 |
| Taxes, insurance & HOA | $1,090.42 | $1,090.42 | $1,090.42 |
| Total housing payment | $2,818.99 | $12,368.77 | $11,978.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$170,620
Closing costs & prepaids$28,654
Usable credit−$0
Total buyer cash needed$199,274
Earnest money paid−$0
Remaining funds due$199,274
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$976.90
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)$2,621.25
Prepaid interest, first (2 days)$32.12
Prepaid interest, second (2 days)$566.07
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 closing11 yr 1 moOf the original 30-year loan at 3.000%
Interest already paid$177,767Through Nov 2026
Assumption only · ends Dec 2037$34,521
Assumption + second · ends Dec 2037, second Dec 2056$2,139,440
New conventional · ends Dec 2056$2,317,891