Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,811/mo
Lowest payment- Down payment
- $936,437
- Funds due
- $965,185
- Interest + MI left
- $348,961
- First ends
- Jan 2050
Assumption
Assumption + second
$10,335/mo
+$5,524/mo- Down payment
- $165,437
- Funds due
- $195,762
- Interest + MI left
- $1,566,435
- First ends
- Jan 2050
New loan
New conventional
$11,565/mo
+$6,754/mo- Down payment
- $165,437
- Funds due
- $188,627
- Interest + MI left
- $2,251,440
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $713,563 | $713,563 | $1,484,563 |
| Second mortgage | — | $771,000 | — |
| First P&I | $3,822.03 | $3,822.03 | $10,278.81 |
| Second P&I | — | $5,523.54 | — |
| Mortgage insurance | — | — | $296.91 |
| Taxes, insurance & HOA | $989.17 | $989.17 | $989.17 |
| Total housing payment | $4,811.19 | $10,334.73 | $11,564.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$165,437
Closing costs & prepaids$30,325
Usable credit−$0
Total buyer cash needed$195,762
Earnest money paid−$0
Remaining funds due$195,762
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,567.81
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)$2,317.50
Prepaid interest, first (2 days)$144.28
Prepaid interest, second (2 days)$327.41
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 2 moOf the original 30-year loan at 3.690%
Interest already paid$195,583Through Nov 2026
Assumption only · ends Jan 2050$348,961
Assumption + second · ends Jan 2050, second Dec 2056$1,566,435
New conventional · ends Dec 2056$2,251,440