Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,405/mo
Lowest payment- Down payment
- $915,864
- Funds due
- $944,564
- Interest + MI left
- $283,176
- First ends
- Dec 2050
Assumption
Assumption + second
$9,778/mo
+$5,373/mo- Down payment
- $165,864
- Funds due
- $196,769
- Interest + MI left
- $1,467,489
- First ends
- Dec 2050
New loan
New conventional
$11,220/mo
+$6,815/mo- Down payment
- $165,864
- Funds due
- $189,850
- Interest + MI left
- $2,168,590
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $733,136 | $733,136 | $1,483,136 |
| Second mortgage | — | $750,000 | — |
| First P&I | $3,528.86 | $3,528.86 | $10,047.28 |
| Second P&I | — | $5,373.09 | — |
| Mortgage insurance | — | — | $296.63 |
| Taxes, insurance & HOA | $876.25 | $876.25 | $876.25 |
| Total housing payment | $4,405.11 | $9,778.20 | $11,220.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$165,864
Closing costs & prepaids$30,905
Usable credit−$0
Total buyer cash needed$196,769
Earnest money paid−$0
Remaining funds due$196,769
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,665.68
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)$1,978.75
Prepaid interest, first (6 days)$347.08
Prepaid interest, second (6 days)$955.48
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 2.88%
Interest already paid$137,213Through Dec 2026
Assumption only · ends Dec 2050$283,176
Assumption + second · ends Dec 2050, second Jan 2057$1,467,489
New conventional · ends Jan 2057$2,168,590