Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,948/mo
Lowest payment- Down payment
- $1,345,142
- Funds due
- $1,369,212
- Interest + MI left
- $91,839
- First ends
- Aug 2045
Assumption
Assumption + second
$10,452/mo
+$8,504/mo- Down payment
- $158,142
- Funds due
- $183,966
- Interest + MI left
- $1,966,211
- First ends
- Aug 2045
New loan
New conventional
$10,612/mo
+$8,663/mo- Down payment
- $158,142
- Funds due
- $179,216
- Interest + MI left
- $2,148,609
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,758 | $229,758 | $1,416,758 |
| Second mortgage | — | $1,187,000 | — |
| First P&I | $1,429.32 | $1,429.32 | $9,809.35 |
| Second P&I | — | $8,503.81 | — |
| Mortgage insurance | — | — | $283.35 |
| Taxes, insurance & HOA | $518.92 | $518.92 | $518.92 |
| Total housing payment | $1,948.24 | $10,452.05 | $10,611.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$158,142
Closing costs & prepaids$25,824
Usable credit−$0
Total buyer cash needed$183,966
Earnest money paid−$0
Remaining funds due$183,966
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,148.79
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)$906.75
Prepaid interest, first (2 days)$47.84
Prepaid interest, second (2 days)$504.07
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 closing18 yr 9 moOf the original 30-year loan at 3.800%
Interest already paid$115,967Through Nov 2026
Assumption only · ends Aug 2045$91,839
Assumption + second · ends Aug 2045, second Dec 2056$1,966,211
New conventional · ends Dec 2056$2,148,609