Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,469/mo
Lowest payment- Down payment
- $1,262,098
- Funds due
- $1,288,080
- Interest + MI left
- $126,498
- First ends
- Dec 2050
Assumption
Assumption + second
$10,364/mo
+$7,895/mo- Down payment
- $160,098
- Funds due
- $188,734
- Interest + MI left
- $1,866,649
- First ends
- Dec 2050
New loan
New conventional
$10,898/mo
+$8,430/mo- Down payment
- $160,098
- Funds due
- $183,540
- Interest + MI left
- $2,105,229
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,802 | $337,802 | $1,439,802 |
| Second mortgage | — | $1,102,000 | — |
| First P&I | $1,612.15 | $1,612.15 | $9,753.72 |
| Second P&I | — | $7,894.86 | — |
| Mortgage insurance | — | — | $287.96 |
| Taxes, insurance & HOA | $856.67 | $856.67 | $856.67 |
| Total housing payment | $2,468.82 | $10,363.68 | $10,898.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$160,098
Closing costs & prepaids$28,635
Usable credit−$0
Total buyer cash needed$188,734
Earnest money paid−$0
Remaining funds due$188,734
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,689.01
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)$1,920.00
Prepaid interest, first (6 days)$155.48
Prepaid interest, second (6 days)$1,403.92
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 2.8%
Interest already paid$61,525Through Dec 2026
Assumption only · ends Dec 2050$126,498
Assumption + second · ends Dec 2050, second Jan 2057$1,866,649
New conventional · ends Jan 2057$2,105,229