Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$13,124/mo
+$4,019/mo- Down payment
- $1,298,600
- Funds due
- $1,319,296
- Interest + MI left
- $252
- First ends
- Mar 2027
Assumption
Assumption + second
$21,456/mo
+$12,351/mo- Down payment
- $135,600
- Funds due
- $157,793
- Interest + MI left
- $1,836,727
- First ends
- Mar 2027
New loan
New conventional
$9,105/mo
Lowest payment- Down payment
- $135,600
- Funds due
- $154,138
- Interest + MI left
- $1,840,203
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,400 | $50,400 | $1,213,400 |
| Second mortgage | — | $1,163,000 | — |
| First P&I | $12,663.10 | $12,663.10 | $8,401.34 |
| Second P&I | — | $8,331.87 | — |
| Mortgage insurance | — | — | $242.68 |
| Taxes, insurance & HOA | $461.00 | $461.00 | $461.00 |
| Total housing payment | $13,124.10 | $21,455.97 | $9,105.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,600
Closing costs & prepaids$22,193
Usable credit−$0
Total buyer cash needed$157,793
Earnest money paid−$0
Remaining funds due$157,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$252.00
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)$733.00
Prepaid interest, first (1 days)$3.31
Prepaid interest, second (1 days)$246.94
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 closing4 moOf the original 1-year loan at 2.400%
Interest already paid$1,705Through Nov 2026
Assumption only · ends Mar 2027$252
Assumption + second · ends Mar 2027, second Dec 2056$1,836,727
New conventional · ends Dec 2056$1,840,203