Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,218/mo
Lowest payment- Down payment
- $1,503,907
- Funds due
- $1,535,166
- Interest + MI left
- $159,838
- First ends
- Sep 2051
Assumption
Assumption + second
$12,560/mo
+$9,342/mo- Down payment
- $199,907
- Funds due
- $234,077
- Interest + MI left
- $2,218,963
- First ends
- Sep 2051
New loan
New conventional
$13,556/mo
+$10,339/mo- Down payment
- $199,907
- Funds due
- $227,833
- Interest + MI left
- $2,629,109
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $494,093 | $494,093 | $1,798,093 |
| Second mortgage | — | $1,304,000 | — |
| First P&I | $2,201.79 | $2,201.79 | $12,180.91 |
| Second P&I | — | $9,342.02 | — |
| Mortgage insurance | — | — | $359.62 |
| Taxes, insurance & HOA | $1,015.83 | $1,015.83 | $1,015.83 |
| Total housing payment | $3,217.62 | $12,559.64 | $13,556.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$199,907
Closing costs & prepaids$34,170
Usable credit−$0
Total buyer cash needed$234,077
Earnest money paid−$0
Remaining funds due$234,077
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$19,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,470.47
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)$2,397.50
Prepaid interest, first (6 days)$192.90
Prepaid interest, second (6 days)$1,661.26
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 9 moOf the original 30-year loan at 2.375%
Interest already paid$66,288Through Dec 2026
Assumption only · ends Sep 2051$159,838
Assumption + second · ends Sep 2051, second Jan 2057$2,218,963
New conventional · ends Jan 2057$2,629,109