Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,513/mo
Lowest payment- Down payment
- $999,264
- Funds due
- $1,028,960
- Interest + MI left
- $301,639
- First ends
- Dec 2050
Assumption
Assumption + second
$10,423/mo
+$5,910/mo- Down payment
- $174,264
- Funds due
- $206,261
- Interest + MI left
- $1,604,383
- First ends
- Dec 2050
New loan
New conventional
$11,796/mo
+$7,283/mo- Down payment
- $174,264
- Funds due
- $199,220
- Interest + MI left
- $2,282,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $735,736 | $735,736 | $1,560,736 |
| Second mortgage | — | $825,000 | — |
| First P&I | $3,602.00 | $3,602.00 | $10,572.97 |
| Second P&I | — | $5,910.40 | — |
| Mortgage insurance | — | — | $312.15 |
| Taxes, insurance & HOA | $910.67 | $910.67 | $910.67 |
| Total housing payment | $4,512.66 | $10,423.07 | $11,795.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$174,264
Closing costs & prepaids$31,997
Usable credit−$0
Total buyer cash needed$206,261
Earnest money paid−$0
Remaining funds due$206,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,678.68
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)$2,082.00
Prepaid interest, first (6 days)$367.67
Prepaid interest, second (6 days)$1,051.03
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 closing24 yrOf the original 30-year loan at 3.04%
Interest already paid$145,080Through Dec 2026
Assumption only · ends Dec 2050$301,639
Assumption + second · ends Dec 2050, second Jan 2057$1,604,383
New conventional · ends Jan 2057$2,282,054