Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,601/mo
Lowest payment- Down payment
- $737,882
- Funds due
- $775,132
- Interest + MI left
- $607,758
- First ends
- Jan 2052
Assumption
Assumption + second
$11,376/mo
+$3,775/mo- Down payment
- $210,882
- Funds due
- $250,054
- Interest + MI left
- $1,439,935
- First ends
- Jan 2052
New loan
New conventional
$14,231/mo
+$6,631/mo- Down payment
- $210,882
- Funds due
- $239,947
- Interest + MI left
- $2,762,057
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,362,018 | $1,362,018 | $1,889,018 |
| Second mortgage | — | $527,000 | — |
| First P&I | $6,544.11 | $6,544.11 | $12,796.87 |
| Second P&I | — | $3,775.49 | — |
| Mortgage insurance | — | — | $377.80 |
| Taxes, insurance & HOA | $1,056.67 | $1,056.67 | $1,056.67 |
| Total housing payment | $7,600.77 | $11,376.26 | $14,231.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$210,882
Closing costs & prepaids$39,171
Usable credit−$0
Total buyer cash needed$250,054
Earnest money paid−$0
Remaining funds due$250,054
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$20,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,810.09
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)$2,520.00
Prepaid interest, first (6 days)$703.03
Prepaid interest, second (6 days)$671.38
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 closing25 yr 1 moOf the original 30-year loan at 3.14%
Interest already paid$223,370Through Dec 2026
Assumption only · ends Jan 2052$607,758
Assumption + second · ends Jan 2052, second Jan 2057$1,439,935
New conventional · ends Jan 2057$2,762,057