Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,617/mo
Lowest payment- Down payment
- $1,185,816
- Funds due
- $1,214,632
- Interest + MI left
- $249,919
- First ends
- Sep 2051
Assumption
Assumption + second
$10,824/mo
+$7,207/mo- Down payment
- $179,816
- Funds due
- $210,095
- Interest + MI left
- $1,838,478
- First ends
- Sep 2051
New loan
New conventional
$12,240/mo
+$8,623/mo- Down payment
- $179,816
- Funds due
- $203,273
- Interest + MI left
- $2,449,535
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $609,184 | $609,184 | $1,615,184 |
| Second mortgage | — | $1,006,000 | — |
| First P&I | $2,882.90 | $2,882.90 | $11,183.21 |
| Second P&I | — | $7,207.11 | — |
| Mortgage insurance | — | — | $323.04 |
| Taxes, insurance & HOA | $734.25 | $734.25 | $734.25 |
| Total housing payment | $3,617.15 | $10,824.25 | $12,240.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$179,816
Closing costs & prepaids$30,279
Usable credit−$0
Total buyer cash needed$210,095
Earnest money paid−$0
Remaining funds due$210,095
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%)$3,045.92
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)$1,552.75
Prepaid interest, first (1 days)$49.07
Prepaid interest, second (1 days)$213.60
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 10 moOf the original 30-year loan at 2.940%
Interest already paid$98,854Through Nov 2026
Assumption only · ends Sep 2051$249,919
Assumption + second · ends Sep 2051, second Dec 2056$1,838,478
New conventional · ends Dec 2056$2,449,535