Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,691/mo
Lowest payment- Down payment
- $1,368,779
- Funds due
- $1,401,297
- Interest + MI left
- $150,524
- First ends
- Dec 2045
Assumption
Assumption + second
$13,152/mo
+$8,461/mo- Down payment
- $187,779
- Funds due
- $223,052
- Interest + MI left
- $2,015,423
- First ends
- Dec 2045
New loan
New conventional
$13,578/mo
+$8,887/mo- Down payment
- $187,779
- Funds due
- $216,849
- Interest + MI left
- $2,466,996
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $506,221 | $506,221 | $1,687,221 |
| Second mortgage | — | $1,181,000 | — |
| First P&I | $2,880.46 | $2,880.46 | $11,429.82 |
| Second P&I | — | $8,460.83 | — |
| Mortgage insurance | — | — | $337.44 |
| Taxes, insurance & HOA | $1,810.42 | $1,810.42 | $1,810.42 |
| Total housing payment | $4,690.88 | $13,151.71 | $13,577.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$187,779
Closing costs & prepaids$35,273
Usable credit−$0
Total buyer cash needed$223,052
Earnest money paid−$0
Remaining funds due$223,052
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,531.11
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)$4,781.25
Prepaid interest, first (6 days)$237.99
Prepaid interest, second (6 days)$1,504.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing19 yrOf the original 25-year loan at 2.86%
Interest already paid$96,762Through Dec 2026
Assumption only · ends Dec 2045$150,524
Assumption + second · ends Dec 2045, second Jan 2057$2,015,423
New conventional · ends Jan 2057$2,466,996