Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,404/mo
Lowest payment- Down payment
- $1,140,697
- Funds due
- $1,165,265
- Interest + MI left
- $129,619
- First ends
- Nov 2050
Assumption
Assumption + second
$9,518/mo
+$7,114/mo- Down payment
- $147,697
- Funds due
- $175,412
- Interest + MI left
- $1,697,649
- First ends
- Nov 2050
New loan
New conventional
$10,027/mo
+$7,623/mo- Down payment
- $147,697
- Funds due
- $170,450
- Interest + MI left
- $1,933,426
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,303 | $329,303 | $1,322,303 |
| Second mortgage | — | $993,000 | — |
| First P&I | $1,599.03 | $1,599.03 | $8,957.74 |
| Second P&I | — | $7,113.97 | — |
| Mortgage insurance | — | — | $264.46 |
| Taxes, insurance & HOA | $804.67 | $804.67 | $804.67 |
| Total housing payment | $2,403.70 | $9,517.67 | $10,026.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$147,697
Closing costs & prepaids$27,715
Usable credit−$0
Total buyer cash needed$175,412
Earnest money paid−$0
Remaining funds due$175,412
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,646.51
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)$1,764.00
Prepaid interest, first (9 days)$238.72
Prepaid interest, second (9 days)$1,897.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.94%
Interest already paid$63,832Through Dec 2026
Assumption only · ends Nov 2050$129,619
Assumption + second · ends Nov 2050, second Jan 2057$1,697,649
New conventional · ends Jan 2057$1,933,426