Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,069/mo
Lowest payment- Down payment
- $1,232,266
- Funds due
- $1,258,615
- Interest + MI left
- $176,530
- First ends
- Jun 2047
Assumption
Assumption + second
$10,749/mo
+$7,680/mo- Down payment
- $160,266
- Funds due
- $189,913
- Interest + MI left
- $1,869,308
- First ends
- Jun 2047
New loan
New conventional
$10,898/mo
+$7,829/mo- Down payment
- $160,266
- Funds due
- $184,557
- Interest + MI left
- $2,105,129
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,734 | $367,734 | $1,439,734 |
| Second mortgage | — | $1,072,000 | — |
| First P&I | $2,212.45 | $2,212.45 | $9,753.26 |
| Second P&I | — | $7,679.94 | — |
| Mortgage insurance | — | — | $287.95 |
| Taxes, insurance & HOA | $856.67 | $856.67 | $856.67 |
| Total housing payment | $3,069.12 | $10,749.06 | $10,897.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$160,266
Closing costs & prepaids$29,647
Usable credit−$0
Total buyer cash needed$189,913
Earnest money paid−$0
Remaining funds due$189,913
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,838.67
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)$1,920.00
Prepaid interest, first (9 days)$371.76
Prepaid interest, second (9 days)$2,048.55
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 closing20 yr 6 moOf the original 30-year loan at 4.1%
Interest already paid$162,076Through Dec 2026
Assumption only · ends Jun 2047$176,530
Assumption + second · ends Jun 2047, second Jan 2057$1,869,308
New conventional · ends Jan 2057$2,105,129