Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,289/mo
Lowest payment- Down payment
- $1,130,855
- Funds due
- $1,154,190
- Interest + MI left
- $158,208
- First ends
- Sep 2049
Assumption
Assumption + second
$9,346/mo
+$7,057/mo- Down payment
- $145,855
- Funds due
- $170,649
- Interest + MI left
- $1,713,606
- First ends
- Sep 2049
New loan
New conventional
$9,834/mo
+$7,545/mo- Down payment
- $145,855
- Funds due
- $165,578
- Interest + MI left
- $1,976,307
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,145 | $318,145 | $1,303,145 |
| Second mortgage | — | $985,000 | — |
| First P&I | $1,738.51 | $1,738.51 | $9,022.71 |
| Second P&I | — | $7,056.66 | — |
| Mortgage insurance | — | — | $260.63 |
| Taxes, insurance & HOA | $550.83 | $550.83 | $550.83 |
| Total housing payment | $2,289.35 | $9,346.01 | $9,834.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$145,855
Closing costs & prepaids$24,793
Usable credit−$0
Total buyer cash needed$170,649
Earnest money paid−$0
Remaining funds due$170,649
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,590.72
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)$1,002.50
Prepaid interest, first (1 days)$33.12
Prepaid interest, second (1 days)$209.14
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 closing22 yr 10 moOf the original 30-year loan at 3.800%
Interest already paid$94,551Through Nov 2026
Assumption only · ends Sep 2049$158,208
Assumption + second · ends Sep 2049, second Dec 2056$1,713,606
New conventional · ends Dec 2056$1,976,307