Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,750/mo
Lowest payment- Down payment
- $922,883
- Funds due
- $945,048
- Interest + MI left
- $134,337
- First ends
- Nov 2045
Assumption
Assumption + second
$8,459/mo
+$5,710/mo- Down payment
- $125,883
- Funds due
- $150,821
- Interest + MI left
- $1,392,867
- First ends
- Nov 2045
New loan
New conventional
$8,557/mo
+$5,807/mo- Down payment
- $125,883
- Funds due
- $146,039
- Interest + MI left
- $1,643,645
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,117 | $327,117 | $1,124,117 |
| Second mortgage | — | $797,000 | — |
| First P&I | $2,032.84 | $2,032.84 | $7,615.16 |
| Second P&I | — | $5,709.81 | — |
| Mortgage insurance | — | — | $224.82 |
| Taxes, insurance & HOA | $716.67 | $716.67 | $716.67 |
| Total housing payment | $2,749.50 | $8,459.31 | $8,556.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,883
Closing costs & prepaids$24,938
Usable credit−$0
Total buyer cash needed$150,821
Earnest money paid−$0
Remaining funds due$150,821
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,635.58
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)$1,500.00
Prepaid interest, first (9 days)$311.34
Prepaid interest, second (9 days)$1,523.03
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 closing18 yr 11 moOf the original 30-year loan at 3.86%
Interest already paid$164,394Through Dec 2026
Assumption only · ends Nov 2045$134,337
Assumption + second · ends Nov 2045, second Jan 2057$1,392,867
New conventional · ends Jan 2057$1,643,645