Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,360/mo
Lowest payment- Down payment
- $1,463,573
- Funds due
- $1,491,074
- Interest + MI left
- $128,994
- First ends
- Dec 2050
Assumption
Assumption + second
$11,558/mo
+$9,199/mo- Down payment
- $179,573
- Funds due
- $208,597
- Interest + MI left
- $2,156,538
- First ends
- Dec 2050
New loan
New conventional
$12,274/mo
+$9,915/mo- Down payment
- $179,573
- Funds due
- $203,129
- Interest + MI left
- $2,449,904
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,427 | $331,427 | $1,615,427 |
| Second mortgage | — | $1,284,000 | — |
| First P&I | $1,593.15 | $1,593.15 | $11,184.89 |
| Second P&I | — | $9,198.73 | — |
| Mortgage insurance | — | — | $323.09 |
| Taxes, insurance & HOA | $766.50 | $766.50 | $766.50 |
| Total housing payment | $2,359.65 | $11,558.38 | $12,274.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$179,573
Closing costs & prepaids$29,024
Usable credit−$0
Total buyer cash needed$208,597
Earnest money paid−$0
Remaining funds due$208,597
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,657.13
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)$1,649.50
Prepaid interest, first (1 days)$26.24
Prepaid interest, second (1 days)$272.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$61,290Through Nov 2026
Assumption only · ends Dec 2050$128,994
Assumption + second · ends Dec 2050, second Dec 2056$2,156,538
New conventional · ends Dec 2056$2,449,904