Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,583/mo
Lowest payment- Down payment
- $1,431,107
- Funds due
- $1,461,811
- Interest + MI left
- $179,226
- First ends
- Jul 2051
Assumption
Assumption + second
$12,546/mo
+$8,962/mo- Down payment
- $180,107
- Funds due
- $213,124
- Interest + MI left
- $2,154,660
- First ends
- Jul 2051
New loan
New conventional
$12,929/mo
+$9,345/mo- Down payment
- $180,107
- Funds due
- $207,516
- Interest + MI left
- $2,333,428
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,893 | $363,893 | $1,614,893 |
| Second mortgage | — | $1,251,000 | — |
| First P&I | $1,841.08 | $1,841.08 | $10,863.49 |
| Second P&I | — | $8,962.32 | — |
| Mortgage insurance | — | — | $322.98 |
| Taxes, insurance & HOA | $1,742.42 | $1,742.42 | $1,742.42 |
| Total housing payment | $3,583.50 | $12,545.82 | $12,928.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$180,107
Closing costs & prepaids$33,017
Usable credit−$0
Total buyer cash needed$213,124
Earnest money paid−$0
Remaining funds due$213,124
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,819.47
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)$4,577.25
Prepaid interest, first (4 days)$139.58
Prepaid interest, second (4 days)$1,062.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7 moOf the original 30-year loan at 3.5%
Interest already paid$73,564Through Dec 2026
Assumption only · ends Jul 2051$179,226
Assumption + second · ends Jul 2051, second Jan 2057$2,154,660
New conventional · ends Jan 2057$2,333,428