Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,247/mo
Lowest payment- Down payment
- $1,147,377
- Funds due
- $1,175,956
- Interest + MI left
- $261,637
- First ends
- Mar 2047
Assumption
Assumption + second
$11,246/mo
+$6,999/mo- Down payment
- $170,377
- Funds due
- $202,073
- Interest + MI left
- $1,804,402
- First ends
- Mar 2047
New loan
New conventional
$11,564/mo
+$7,317/mo- Down payment
- $170,377
- Funds due
- $195,845
- Interest + MI left
- $2,236,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $552,523 | $552,523 | $1,529,523 |
| Second mortgage | — | $977,000 | — |
| First P&I | $3,350.45 | $3,350.45 | $10,361.52 |
| Second P&I | — | $6,999.35 | — |
| Mortgage insurance | — | — | $305.90 |
| Taxes, insurance & HOA | $896.67 | $896.67 | $896.67 |
| Total housing payment | $4,247.12 | $11,246.46 | $11,564.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$170,377
Closing costs & prepaids$31,695
Usable credit−$0
Total buyer cash needed$202,073
Earnest money paid−$0
Remaining funds due$202,073
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,762.61
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)$2,040.00
Prepaid interest, first (9 days)$558.58
Prepaid interest, second (9 days)$1,867.01
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 closing20 yr 3 moOf the original 29-year loan at 4.1%
Interest already paid$222,930Through Dec 2026
Assumption only · ends Mar 2047$261,637
Assumption + second · ends Mar 2047, second Jan 2057$1,804,402
New conventional · ends Jan 2057$2,236,416