Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,868/mo
Lowest payment- Down payment
- $1,102,414
- Funds due
- $1,126,843
- Interest + MI left
- $168,206
- First ends
- Sep 2047
Assumption
Assumption + second
$9,724/mo
+$6,856/mo- Down payment
- $145,414
- Funds due
- $172,312
- Interest + MI left
- $1,679,390
- First ends
- Sep 2047
New loan
New conventional
$9,895/mo
+$7,027/mo- Down payment
- $145,414
- Funds due
- $167,165
- Interest + MI left
- $1,907,521
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,586 | $347,586 | $1,304,586 |
| Second mortgage | — | $957,000 | — |
| First P&I | $2,071.46 | $2,071.46 | $8,837.72 |
| Second P&I | — | $6,856.07 | — |
| Mortgage insurance | — | — | $260.92 |
| Taxes, insurance & HOA | $796.67 | $796.67 | $796.67 |
| Total housing payment | $2,868.12 | $9,724.19 | $9,895.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$145,414
Closing costs & prepaids$26,898
Usable credit−$0
Total buyer cash needed$172,312
Earnest money paid−$0
Remaining funds due$172,312
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,737.93
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)$1,740.00
Prepaid interest, first (6 days)$233.12
Prepaid interest, second (6 days)$1,219.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 4.08%
Interest already paid$147,790Through Dec 2026
Assumption only · ends Sep 2047$168,206
Assumption + second · ends Sep 2047, second Jan 2057$1,679,390
New conventional · ends Jan 2057$1,907,521