Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$9,522/mo
Lowest payment- Down payment
- $715,674
- Funds due
- $758,918
- Interest + MI left
- $804,845
- First ends
- May 2052
Assumption
Assumption + second
$12,889/mo
+$3,367/mo- Down payment
- $245,674
- Funds due
- $290,767
- Interest + MI left
- $1,547,015
- First ends
- May 2052
New loan
New conventional
$16,570/mo
+$7,049/mo- Down payment
- $245,674
- Funds due
- $278,684
- Interest + MI left
- $3,223,089
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,734,326 | $1,734,326 | $2,204,326 |
| Second mortgage | — | $470,000 | — |
| First P&I | $8,325.15 | $8,325.15 | $14,932.87 |
| Second P&I | — | $3,367.14 | — |
| Mortgage insurance | — | — | $440.87 |
| Taxes, insurance & HOA | $1,196.67 | $1,196.67 | $1,196.67 |
| Total housing payment | $9,521.82 | $12,888.96 | $16,570.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$245,674
Closing costs & prepaids$45,094
Usable credit−$0
Total buyer cash needed$290,767
Earnest money paid−$0
Remaining funds due$290,767
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$24,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$8,671.63
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)$2,940.00
Prepaid interest, first (6 days)$915.15
Prepaid interest, second (6 days)$598.77
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 closing25 yr 5 moOf the original 30-year loan at 3.21%
Interest already paid$269,604Through Dec 2026
Assumption only · ends May 2052$804,845
Assumption + second · ends May 2052, second Jan 2057$1,547,015
New conventional · ends Jan 2057$3,223,089