Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,064/mo
Lowest payment- Down payment
- $928,577
- Funds due
- $952,495
- Interest + MI left
- $173,369
- First ends
- Jan 2049
Assumption
Assumption + second
$8,738/mo
+$5,674/mo- Down payment
- $136,577
- Funds due
- $162,754
- Interest + MI left
- $1,424,003
- First ends
- Jan 2049
New loan
New conventional
$9,330/mo
+$6,266/mo- Down payment
- $136,577
- Funds due
- $157,374
- Interest + MI left
- $1,796,158
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $436,423 | $436,423 | $1,228,423 |
| Second mortgage | — | $792,000 | — |
| First P&I | $2,301.10 | $2,301.10 | $8,321.77 |
| Second P&I | — | $5,673.98 | — |
| Mortgage insurance | — | — | $245.68 |
| Taxes, insurance & HOA | $762.67 | $762.67 | $762.67 |
| Total housing payment | $3,063.77 | $8,737.75 | $9,330.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$136,577
Closing costs & prepaids$26,177
Usable credit−$0
Total buyer cash needed$162,754
Earnest money paid−$0
Remaining funds due$162,754
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,182.12
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)$1,638.00
Prepaid interest, first (6 days)$230.29
Prepaid interest, second (6 days)$1,008.99
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 closing22 yr 1 moOf the original 28-year loan at 3.21%
Interest already paid$90,158Through Dec 2026
Assumption only · ends Jan 2049$173,369
Assumption + second · ends Jan 2049, second Jan 2057$1,424,003
New conventional · ends Jan 2057$1,796,158