Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,901/mo
Lowest payment- Down payment
- $1,089,994
- Funds due
- $1,111,583
- Interest + MI left
- $85,036
- First ends
- Jun 2046
Assumption
Assumption + second
$8,778/mo
+$6,878/mo- Down payment
- $129,994
- Funds due
- $153,241
- Interest + MI left
- $1,600,956
- First ends
- Jun 2046
New loan
New conventional
$8,972/mo
+$7,071/mo- Down payment
- $129,994
- Funds due
- $148,886
- Interest + MI left
- $1,769,843
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,006 | $207,006 | $1,167,006 |
| Second mortgage | — | $960,000 | — |
| First P&I | $1,242.73 | $1,242.73 | $8,080.11 |
| Second P&I | — | $6,877.56 | — |
| Mortgage insurance | — | — | $233.40 |
| Taxes, insurance & HOA | $658.00 | $658.00 | $658.00 |
| Total housing payment | $1,900.73 | $8,778.29 | $8,971.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$129,994
Closing costs & prepaids$23,247
Usable credit−$0
Total buyer cash needed$153,241
Earnest money paid−$0
Remaining funds due$153,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,035.03
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)$1,324.00
Prepaid interest, first (2 days)$42.31
Prepaid interest, second (2 days)$407.67
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 closing19 yr 7 moOf the original 30-year loan at 3.730%
Interest already paid$93,347Through Nov 2026
Assumption only · ends Jun 2046$85,036
Assumption + second · ends Jun 2046, second Dec 2056$1,600,956
New conventional · ends Dec 2056$1,769,843