Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,078/mo
Lowest payment- Down payment
- $801,969
- Funds due
- $835,617
- Interest + MI left
- $411,820
- First ends
- Jun 2051
Assumption
Assumption + second
$10,462/mo
+$4,384/mo- Down payment
- $189,969
- Funds due
- $226,037
- Interest + MI left
- $1,378,219
- First ends
- Jun 2051
New loan
New conventional
$12,866/mo
+$6,788/mo- Down payment
- $189,969
- Funds due
- $217,737
- Interest + MI left
- $2,493,037
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,093,031 | $1,093,031 | $1,705,031 |
| Second mortgage | — | $612,000 | — |
| First P&I | $5,103.01 | $5,103.01 | $11,550.47 |
| Second P&I | — | $4,384.44 | — |
| Mortgage insurance | — | — | $341.01 |
| Taxes, insurance & HOA | $974.67 | $974.67 | $974.67 |
| Total housing payment | $6,077.68 | $10,462.12 | $12,866.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$189,969
Closing costs & prepaids$36,068
Usable credit−$0
Total buyer cash needed$226,037
Earnest money paid−$0
Remaining funds due$226,037
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,465.16
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)$2,274.00
Prepaid interest, first (9 days)$741.16
Prepaid interest, second (9 days)$1,169.51
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 closing24 yr 6 moOf the original 30-year loan at 2.75%
Interest already paid$177,501Through Dec 2026
Assumption only · ends Jun 2051$411,820
Assumption + second · ends Jun 2051, second Jan 2057$1,378,219
New conventional · ends Jan 2057$2,493,037