Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,318/mo
Lowest payment- Down payment
- $1,113,623
- Funds due
- $1,135,520
- Interest + MI left
- $27,848
- First ends
- Nov 2033
Assumption
Assumption + second
$10,360/mo
+$7,042/mo- Down payment
- $130,623
- Funds due
- $155,649
- Interest + MI left
- $1,580,087
- First ends
- Nov 2033
New loan
New conventional
$8,892/mo
+$5,575/mo- Down payment
- $130,623
- Funds due
- $151,372
- Interest + MI left
- $1,709,823
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,377 | $186,377 | $1,169,377 |
| Second mortgage | — | $983,000 | — |
| First P&I | $2,581.02 | $2,581.02 | $7,921.77 |
| Second P&I | — | $7,042.33 | — |
| Mortgage insurance | — | — | $233.88 |
| Taxes, insurance & HOA | $736.67 | $736.67 | $736.67 |
| Total housing payment | $3,317.69 | $10,360.02 | $8,892.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,623
Closing costs & prepaids$25,026
Usable credit−$0
Total buyer cash needed$155,649
Earnest money paid−$0
Remaining funds due$155,649
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$931.89
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)$1,560.00
Prepaid interest, first (9 days)$187.50
Prepaid interest, second (9 days)$1,878.47
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 closing6 yr 11 moOf the original 15-year loan at 4.08%
Interest already paid$89,686Through Dec 2026
Assumption only · ends Nov 2033$27,848
Assumption + second · ends Nov 2033, second Jan 2057$1,580,087
New conventional · ends Jan 2057$1,709,823