Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,013/mo
Lowest payment- Down payment
- $1,065,093
- Funds due
- $1,087,668
- Interest + MI left
- $128,400
- First ends
- May 2051
Assumption
Assumption + second
$8,640/mo
+$6,627/mo- Down payment
- $140,093
- Funds due
- $164,114
- Interest + MI left
- $1,589,053
- First ends
- May 2051
New loan
New conventional
$9,409/mo
+$7,396/mo- Down payment
- $140,093
- Funds due
- $159,034
- Interest + MI left
- $1,909,217
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,907 | $333,907 | $1,258,907 |
| Second mortgage | — | $925,000 | — |
| First P&I | $1,572.47 | $1,572.47 | $8,716.42 |
| Second P&I | — | $6,626.81 | — |
| Mortgage insurance | — | — | $251.78 |
| Taxes, insurance & HOA | $440.42 | $440.42 | $440.42 |
| Total housing payment | $2,012.89 | $8,639.70 | $9,408.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,093
Closing costs & prepaids$24,021
Usable credit−$0
Total buyer cash needed$164,114
Earnest money paid−$0
Remaining funds due$164,114
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%)$1,669.53
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)$671.25
Prepaid interest, first (1 days)$25.71
Prepaid interest, second (1 days)$196.40
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 yr 6 moOf the original 30-year loan at 2.810%
Interest already paid$55,490Through Nov 2026
Assumption only · ends May 2051$128,400
Assumption + second · ends May 2051, second Dec 2056$1,589,053
New conventional · ends Dec 2056$1,909,217