Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,096/mo
Lowest payment- Down payment
- $1,139,907
- Funds due
- $1,163,342
- Interest + MI left
- $130,428
- First ends
- Nov 2050
Assumption
Assumption + second
$9,202/mo
+$7,107/mo- Down payment
- $147,907
- Funds due
- $172,803
- Interest + MI left
- $1,696,879
- First ends
- Nov 2050
New loan
New conventional
$9,915/mo
+$7,819/mo- Down payment
- $147,907
- Funds due
- $167,661
- Interest + MI left
- $2,005,043
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,093 | $330,093 | $1,322,093 |
| Second mortgage | — | $992,000 | — |
| First P&I | $1,599.03 | $1,599.03 | $9,153.90 |
| Second P&I | — | $7,106.81 | — |
| Mortgage insurance | — | — | $264.42 |
| Taxes, insurance & HOA | $496.58 | $496.58 | $496.58 |
| Total housing payment | $2,095.61 | $9,202.42 | $9,914.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$147,907
Closing costs & prepaids$24,895
Usable credit−$0
Total buyer cash needed$172,803
Earnest money paid−$0
Remaining funds due$172,803
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,650.46
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)$839.75
Prepaid interest, first (1 days)$26.59
Prepaid interest, second (1 days)$210.63
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 closing24 yrOf the original 30-year loan at 2.940%
Interest already paid$63,023Through Nov 2026
Assumption only · ends Nov 2050$130,428
Assumption + second · ends Nov 2050, second Dec 2056$1,696,879
New conventional · ends Dec 2056$2,005,043