Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,751/mo
Lowest payment- Down payment
- $820,743
- Funds due
- $842,695
- Interest + MI left
- $189,046
- First ends
- Jun 2050
Assumption
Assumption + second
$7,730/mo
+$4,979/mo- Down payment
- $125,743
- Funds due
- $149,093
- Interest + MI left
- $1,286,509
- First ends
- Jun 2050
New loan
New conventional
$8,575/mo
+$5,824/mo- Down payment
- $125,743
- Funds due
- $143,688
- Interest + MI left
- $1,705,011
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,257 | $429,257 | $1,124,257 |
| Second mortgage | — | $695,000 | — |
| First P&I | $2,184.81 | $2,184.81 | $7,784.13 |
| Second P&I | — | $4,979.07 | — |
| Mortgage insurance | — | — | $224.85 |
| Taxes, insurance & HOA | $566.33 | $566.33 | $566.33 |
| Total housing payment | $2,751.15 | $7,730.21 | $8,575.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,743
Closing costs & prepaids$23,350
Usable credit−$0
Total buyer cash needed$149,093
Earnest money paid−$0
Remaining funds due$149,093
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,146.28
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)$1,049.00
Prepaid interest, first (1 days)$38.81
Prepaid interest, second (1 days)$147.57
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 closing23 yr 7 moOf the original 30-year loan at 3.300%
Interest already paid$98,620Through Nov 2026
Assumption only · ends Jun 2050$189,046
Assumption + second · ends Jun 2050, second Dec 2056$1,286,509
New conventional · ends Dec 2056$1,705,011