Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,867/mo
Lowest payment- Down payment
- $1,026,227
- Funds due
- $1,051,241
- Interest + MI left
- $157,842
- First ends
- Jan 2051
Assumption
Assumption + second
$9,164/mo
+$6,297/mo- Down payment
- $147,227
- Funds due
- $174,611
- Interest + MI left
- $1,545,857
- First ends
- Jan 2051
New loan
New conventional
$9,993/mo
+$7,126/mo- Down payment
- $147,227
- Funds due
- $169,143
- Interest + MI left
- $1,926,802
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,773 | $438,773 | $1,317,773 |
| Second mortgage | — | $879,000 | — |
| First P&I | $2,064.41 | $2,064.41 | $8,927.05 |
| Second P&I | — | $6,297.26 | — |
| Mortgage insurance | — | — | $263.55 |
| Taxes, insurance & HOA | $802.67 | $802.67 | $802.67 |
| Total housing payment | $2,867.08 | $9,164.34 | $9,993.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$147,227
Closing costs & prepaids$27,384
Usable credit−$0
Total buyer cash needed$174,611
Earnest money paid−$0
Remaining funds due$174,611
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,193.86
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)$1,758.00
Prepaid interest, first (6 days)$194.02
Prepaid interest, second (6 days)$1,119.82
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 yr 1 moOf the original 30-year loan at 2.69%
Interest already paid$75,703Through Dec 2026
Assumption only · ends Jan 2051$157,842
Assumption + second · ends Jan 2051, second Jan 2057$1,545,857
New conventional · ends Jan 2057$1,926,802