Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,587/mo
Lowest payment- Down payment
- $1,023,325
- Funds due
- $1,047,374
- Interest + MI left
- $146,605
- First ends
- Jan 2051
Assumption
Assumption + second
$8,913/mo
+$6,326/mo- Down payment
- $140,325
- Funds due
- $167,312
- Interest + MI left
- $1,540,936
- First ends
- Jan 2051
New loan
New conventional
$9,562/mo
+$6,975/mo- Down payment
- $140,325
- Funds due
- $162,257
- Interest + MI left
- $1,841,853
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,675 | $376,675 | $1,259,675 |
| Second mortgage | — | $883,000 | — |
| First P&I | $1,810.66 | $1,810.66 | $8,533.48 |
| Second P&I | — | $6,325.92 | — |
| Mortgage insurance | — | — | $251.93 |
| Taxes, insurance & HOA | $776.67 | $776.67 | $776.67 |
| Total housing payment | $2,587.32 | $8,913.24 | $9,562.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,325
Closing costs & prepaids$26,987
Usable credit−$0
Total buyer cash needed$167,312
Earnest money paid−$0
Remaining funds due$167,312
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,883.38
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)$1,680.00
Prepaid interest, first (9 days)$268.42
Prepaid interest, second (9 days)$1,687.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.89%
Interest already paid$69,658Through Dec 2026
Assumption only · ends Jan 2051$146,605
Assumption + second · ends Jan 2051, second Jan 2057$1,540,936
New conventional · ends Jan 2057$1,841,853