Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,489/mo
Lowest payment- Down payment
- $1,065,567
- Funds due
- $1,092,771
- Interest + MI left
- $158,000
- First ends
- Apr 2051
Assumption
Assumption + second
$10,044/mo
+$6,555/mo- Down payment
- $150,567
- Funds due
- $179,410
- Interest + MI left
- $1,602,862
- First ends
- Apr 2051
New loan
New conventional
$11,080/mo
+$7,591/mo- Down payment
- $150,567
- Funds due
- $173,783
- Interest + MI left
- $2,046,506
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,433 | $434,433 | $1,349,433 |
| Second mortgage | — | $915,000 | — |
| First P&I | $2,021.95 | $2,021.95 | $9,343.20 |
| Second P&I | — | $6,555.17 | — |
| Mortgage insurance | — | — | $269.89 |
| Taxes, insurance & HOA | $1,466.67 | $1,466.67 | $1,466.67 |
| Total housing payment | $3,488.62 | $10,043.79 | $11,079.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$150,567
Closing costs & prepaids$28,843
Usable credit−$0
Total buyer cash needed$179,410
Earnest money paid−$0
Remaining funds due$179,410
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,172.16
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)$3,750.00
Prepaid interest, first (2 days)$63.80
Prepaid interest, second (2 days)$388.56
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 closing24 yr 5 moOf the original 30-year loan at 2.680%
Interest already paid$70,092Through Nov 2026
Assumption only · ends Apr 2051$158,000
Assumption + second · ends Apr 2051, second Dec 2056$1,602,862
New conventional · ends Dec 2056$2,046,506