Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,302/mo
Lowest payment- Down payment
- $810,135
- Funds due
- $836,029
- Interest + MI left
- $231,878
- First ends
- Dec 2055
Assumption
Assumption + second
$8,066/mo
+$4,764/mo- Down payment
- $145,135
- Funds due
- $173,126
- Interest + MI left
- $1,281,969
- First ends
- Dec 2055
New loan
New conventional
$9,897/mo
+$6,596/mo- Down payment
- $145,135
- Funds due
- $166,889
- Interest + MI left
- $1,907,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $639,865 | $639,865 | $1,304,865 |
| Second mortgage | — | $665,000 | — |
| First P&I | $2,505.01 | $2,505.01 | $8,839.61 |
| Second P&I | — | $4,764.14 | — |
| Mortgage insurance | — | — | $260.97 |
| Taxes, insurance & HOA | $796.67 | $796.67 | $796.67 |
| Total housing payment | $3,301.67 | $8,065.82 | $9,897.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$145,135
Closing costs & prepaids$27,991
Usable credit−$0
Total buyer cash needed$173,126
Earnest money paid−$0
Remaining funds due$173,126
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,199.33
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)$1,740.00
Prepaid interest, first (6 days)$236.66
Prepaid interest, second (6 days)$847.19
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 closing29 yrOf the original 30-year loan at 2.25%
Interest already paid$14,586Through Dec 2026
Assumption only · ends Dec 2055$231,878
Assumption + second · ends Dec 2055, second Jan 2057$1,281,969
New conventional · ends Jan 2057$1,907,928