Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,144/mo
Lowest payment- Down payment
- $709,093
- Funds due
- $731,486
- Interest + MI left
- $161,252
- First ends
- Jan 2051
Assumption
Assumption + second
$7,414/mo
+$4,270/mo- Down payment
- $113,093
- Funds due
- $136,862
- Interest + MI left
- $1,102,386
- First ends
- Jan 2051
New loan
New conventional
$8,363/mo
+$5,218/mo- Down payment
- $113,093
- Funds due
- $131,655
- Interest + MI left
- $1,534,625
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $415,907 | $415,907 | $1,011,907 |
| Second mortgage | — | $596,000 | — |
| First P&I | $1,990.20 | $1,990.20 | $7,006.24 |
| Second P&I | — | $4,269.82 | — |
| Mortgage insurance | — | — | $202.38 |
| Taxes, insurance & HOA | $1,154.17 | $1,154.17 | $1,154.17 |
| Total housing payment | $3,144.37 | $7,414.18 | $8,362.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$113,093
Closing costs & prepaids$23,769
Usable credit−$0
Total buyer cash needed$136,862
Earnest money paid−$0
Remaining funds due$136,862
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,079.53
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)$2,812.50
Prepaid interest, first (1 days)$32.70
Prepaid interest, second (1 days)$126.55
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 closing24 yr 2 moOf the original 30-year loan at 2.870%
Interest already paid$75,221Through Nov 2026
Assumption only · ends Jan 2051$161,252
Assumption + second · ends Jan 2051, second Dec 2056$1,102,386
New conventional · ends Dec 2056$1,534,625