Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
Lowest payment- Down payment
- $1,131,586
- Funds due
- $1,155,918
- Interest + MI left
- $157,201
- First ends
- Sep 2049
Assumption
Assumption + second
$9,599/mo
+$7,064/mo- Down payment
- $145,586
- Funds due
- $173,052
- Interest + MI left
- $1,714,178
- First ends
- Sep 2049
New loan
New conventional
$9,887/mo
+$7,352/mo- Down payment
- $145,586
- Funds due
- $168,091
- Interest + MI left
- $1,905,807
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,414 | $317,414 | $1,303,414 |
| Second mortgage | — | $986,000 | — |
| First P&I | $1,738.51 | $1,738.51 | $8,829.78 |
| Second P&I | — | $7,063.82 | — |
| Mortgage insurance | — | — | $260.68 |
| Taxes, insurance & HOA | $796.25 | $796.25 | $796.25 |
| Total housing payment | $2,534.76 | $9,598.59 | $9,886.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$145,586
Closing costs & prepaids$27,465
Usable credit−$0
Total buyer cash needed$173,052
Earnest money paid−$0
Remaining funds due$173,052
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,587.07
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)$1,738.75
Prepaid interest, first (9 days)$297.41
Prepaid interest, second (9 days)$1,884.21
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 closing22 yr 9 moOf the original 30-year loan at 3.8%
Interest already paid$95,558Through Dec 2026
Assumption only · ends Sep 2049$157,201
Assumption + second · ends Sep 2049, second Jan 2057$1,714,178
New conventional · ends Jan 2057$1,905,807