Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,942/mo
Lowest payment- Down payment
- $1,364,573
- Funds due
- $1,393,027
- Interest + MI left
- $163,924
- First ends
- Sep 2050
Assumption
Assumption + second
$11,446/mo
+$8,504/mo- Down payment
- $177,573
- Funds due
- $209,545
- Interest + MI left
- $2,038,297
- First ends
- Sep 2050
New loan
New conventional
$12,068/mo
+$9,126/mo- Down payment
- $177,573
- Funds due
- $203,930
- Interest + MI left
- $2,335,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $410,427 | $410,427 | $1,597,427 |
| Second mortgage | — | $1,187,000 | — |
| First P&I | $2,015.27 | $2,015.27 | $10,821.53 |
| Second P&I | — | $8,503.81 | — |
| Mortgage insurance | — | — | $319.49 |
| Taxes, insurance & HOA | $926.67 | $926.67 | $926.67 |
| Total housing payment | $2,941.93 | $11,445.75 | $12,067.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$177,573
Closing costs & prepaids$31,972
Usable credit−$0
Total buyer cash needed$209,545
Earnest money paid−$0
Remaining funds due$209,545
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,052.14
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)$2,130.00
Prepaid interest, first (9 days)$303.60
Prepaid interest, second (9 days)$2,268.31
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 9 moOf the original 30-year loan at 3%
Interest already paid$83,572Through Dec 2026
Assumption only · ends Sep 2050$163,924
Assumption + second · ends Sep 2050, second Jan 2057$2,038,297
New conventional · ends Jan 2057$2,335,702