Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,282/mo
Lowest payment- Down payment
- $1,072,626
- Funds due
- $1,095,744
- Interest + MI left
- $143,252
- First ends
- Jun 2050
Assumption
Assumption + second
$8,959/mo
+$6,677/mo- Down payment
- $140,626
- Funds due
- $165,390
- Interest + MI left
- $1,614,959
- First ends
- Jun 2050
New loan
New conventional
$9,587/mo
+$7,305/mo- Down payment
- $140,626
- Funds due
- $160,364
- Interest + MI left
- $1,908,409
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,374 | $326,374 | $1,258,374 |
| Second mortgage | — | $932,000 | — |
| First P&I | $1,659.46 | $1,659.46 | $8,712.73 |
| Second P&I | — | $6,676.96 | — |
| Mortgage insurance | — | — | $251.67 |
| Taxes, insurance & HOA | $623.00 | $623.00 | $623.00 |
| Total housing payment | $2,282.46 | $8,959.42 | $9,587.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,626
Closing costs & prepaids$24,763
Usable credit−$0
Total buyer cash needed$165,390
Earnest money paid−$0
Remaining funds due$165,390
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,631.87
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)$1,219.00
Prepaid interest, first (2 days)$58.84
Prepaid interest, second (2 days)$395.78
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 closing23 yr 7 moOf the original 30-year loan at 3.290%
Interest already paid$74,765Through Nov 2026
Assumption only · ends Jun 2050$143,252
Assumption + second · ends Jun 2050, second Dec 2056$1,614,959
New conventional · ends Dec 2056$1,908,409