Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,700/mo
Lowest payment- Down payment
- $1,223,951
- Funds due
- $1,251,882
- Interest + MI left
- $530,716
- First ends
- Jan 2056
Assumption
Assumption + second
$11,265/mo
+$7,565/mo- Down payment
- $167,951
- Funds due
- $199,150
- Interest + MI left
- $2,198,229
- First ends
- Jan 2056
New loan
New conventional
$11,397/mo
+$7,698/mo- Down payment
- $167,951
- Funds due
- $193,125
- Interest + MI left
- $2,203,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,049 | $451,049 | $1,507,049 |
| Second mortgage | — | $1,056,000 | — |
| First P&I | $2,813.08 | $2,813.08 | $10,209.27 |
| Second P&I | — | $7,565.31 | — |
| Mortgage insurance | — | — | $301.41 |
| Taxes, insurance & HOA | $886.67 | $886.67 | $886.67 |
| Total housing payment | $3,699.75 | $11,265.06 | $11,397.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$167,951
Closing costs & prepaids$31,199
Usable credit−$0
Total buyer cash needed$199,150
Earnest money paid−$0
Remaining funds due$199,150
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,255.25
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)$2,010.00
Prepaid interest, first (9 days)$697.33
Prepaid interest, second (9 days)$2,017.97
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 closing29 yr 1 moOf the original 30-year loan at 6.27%
Interest already paid$26,078Through Dec 2026
Assumption only · ends Jan 2056$530,716
Assumption + second · ends Jan 2056, second Jan 2057$2,198,229
New conventional · ends Jan 2057$2,203,555