Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,472/mo
Lowest payment- Down payment
- $914,273
- Funds due
- $936,965
- Interest + MI left
- $110,046
- First ends
- Sep 2050
Assumption
Assumption + second
$8,096/mo
+$5,624/mo- Down payment
- $129,273
- Funds due
- $153,381
- Interest + MI left
- $1,349,627
- First ends
- Sep 2050
New loan
New conventional
$9,043/mo
+$6,570/mo- Down payment
- $129,273
- Funds due
- $148,212
- Interest + MI left
- $1,760,321
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,727 | $375,727 | $1,160,727 |
| Second mortgage | — | $785,000 | — |
| First P&I | $1,698.51 | $1,698.51 | $8,036.64 |
| Second P&I | — | $5,623.84 | — |
| Mortgage insurance | — | — | $232.15 |
| Taxes, insurance & HOA | $773.75 | $773.75 | $773.75 |
| Total housing payment | $2,472.26 | $8,096.09 | $9,042.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$129,273
Closing costs & prepaids$24,108
Usable credit−$0
Total buyer cash needed$153,381
Earnest money paid−$0
Remaining funds due$153,381
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,878.63
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)$1,401.25
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$23.16
Prepaid interest, second (1 days)$166.68
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 closing23 yr 10 moOf the original 30-year loan at 2.250%
Interest already paid$57,067Through Nov 2026
Assumption only · ends Sep 2050$110,046
Assumption + second · ends Sep 2050, second Dec 2056$1,349,627
New conventional · ends Dec 2056$1,760,321