Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,999/mo
Lowest payment- Down payment
- $881,926
- Funds due
- $908,416
- Interest + MI left
- $274,002
- First ends
- Apr 2050
Assumption
Assumption + second
$9,243/mo
+$5,244/mo- Down payment
- $149,926
- Funds due
- $178,754
- Interest + MI left
- $1,429,891
- First ends
- Apr 2050
New loan
New conventional
$10,225/mo
+$6,226/mo- Down payment
- $149,926
- Funds due
- $172,498
- Interest + MI left
- $1,972,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $617,074 | $617,074 | $1,349,074 |
| Second mortgage | — | $732,000 | — |
| First P&I | $3,182.41 | $3,182.41 | $9,139.10 |
| Second P&I | — | $5,244.14 | — |
| Mortgage insurance | — | — | $269.81 |
| Taxes, insurance & HOA | $816.25 | $816.25 | $816.25 |
| Total housing payment | $3,998.66 | $9,242.80 | $10,225.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$149,926
Closing costs & prepaids$28,828
Usable credit−$0
Total buyer cash needed$178,754
Earnest money paid−$0
Remaining funds due$178,754
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,085.37
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)$1,798.75
Prepaid interest, first (7 days)$397.63
Prepaid interest, second (7 days)$1,087.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing23 yr 4 moOf the original 30-year loan at 3.36%
Interest already paid$150,467Through Dec 2026
Assumption only · ends Apr 2050$274,002
Assumption + second · ends Apr 2050, second Jan 2057$1,429,891
New conventional · ends Jan 2057$1,972,569