Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,967/mo
Lowest payment- Down payment
- $1,111,682
- Funds due
- $1,132,392
- Interest + MI left
- $28,488
- First ends
- Nov 2033
Assumption
Assumption + second
$9,995/mo
+$7,028/mo- Down payment
- $130,682
- Funds due
- $153,059
- Interest + MI left
- $1,577,569
- First ends
- Nov 2033
New loan
New conventional
$8,716/mo
+$5,749/mo- Down payment
- $130,682
- Funds due
- $148,783
- Interest + MI left
- $1,773,349
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,318 | $188,318 | $1,169,318 |
| Second mortgage | — | $981,000 | — |
| First P&I | $2,581.02 | $2,581.02 | $8,096.12 |
| Second P&I | — | $7,028.00 | — |
| Mortgage insurance | — | — | $233.86 |
| Taxes, insurance & HOA | $386.08 | $386.08 | $386.08 |
| Total housing payment | $2,967.11 | $9,995.11 | $8,716.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,682
Closing costs & prepaids$22,377
Usable credit−$0
Total buyer cash needed$153,059
Earnest money paid−$0
Remaining funds due$153,059
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$941.59
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)$508.25
Prepaid interest, first (2 days)$42.10
Prepaid interest, second (2 days)$416.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing7 yrOf the original 15-year loan at 4.080%
Interest already paid$89,046Through Nov 2026
Assumption only · ends Nov 2033$28,488
Assumption + second · ends Nov 2033, second Dec 2056$1,577,569
New conventional · ends Dec 2056$1,773,349