Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,982/mo
Lowest payment- Down payment
- $1,145,920
- Funds due
- $1,173,213
- Interest + MI left
- $263,530
- First ends
- Mar 2047
Assumption
Assumption + second
$10,967/mo
+$6,985/mo- Down payment
- $170,920
- Funds due
- $199,670
- Interest + MI left
- $1,803,137
- First ends
- Mar 2047
New loan
New conventional
$11,524/mo
+$7,542/mo- Down payment
- $170,920
- Funds due
- $193,189
- Interest + MI left
- $2,318,801
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $553,980 | $553,980 | $1,528,980 |
| Second mortgage | — | $975,000 | — |
| First P&I | $3,350.45 | $3,350.45 | $10,586.35 |
| Second P&I | — | $6,985.02 | — |
| Mortgage insurance | — | — | $305.80 |
| Taxes, insurance & HOA | $631.42 | $631.42 | $631.42 |
| Total housing payment | $3,981.87 | $10,966.89 | $11,523.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$170,920
Closing costs & prepaids$28,750
Usable credit−$0
Total buyer cash needed$199,670
Earnest money paid−$0
Remaining funds due$199,670
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,769.90
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)$1,244.25
Prepaid interest, first (1 days)$62.23
Prepaid interest, second (1 days)$207.02
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 closing20 yr 4 moOf the original 29-year loan at 4.100%
Interest already paid$221,037Through Nov 2026
Assumption only · ends Mar 2047$263,530
Assumption + second · ends Mar 2047, second Dec 2056$1,803,137
New conventional · ends Dec 2056$2,318,801