Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,520/mo
Lowest payment- Down payment
- $857,640
- Funds due
- $879,611
- Interest + MI left
- $169,827
- First ends
- Oct 2050
Assumption
Assumption + second
$7,728/mo
+$5,208/mo- Down payment
- $130,640
- Funds due
- $154,015
- Interest + MI left
- $1,317,821
- First ends
- Oct 2050
New loan
New conventional
$8,713/mo
+$6,194/mo- Down payment
- $130,640
- Funds due
- $148,506
- Interest + MI left
- $1,771,897
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $441,360 | $441,360 | $1,168,360 |
| Second mortgage | — | $727,000 | — |
| First P&I | $2,129.57 | $2,129.57 | $8,089.49 |
| Second P&I | — | $5,208.32 | — |
| Mortgage insurance | — | — | $233.67 |
| Taxes, insurance & HOA | $390.33 | $390.33 | $390.33 |
| Total housing payment | $2,519.90 | $7,728.22 | $8,713.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,640
Closing costs & prepaids$23,375
Usable credit−$0
Total buyer cash needed$154,015
Earnest money paid−$0
Remaining funds due$154,015
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,206.80
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)$521.00
Prepaid interest, first (1 days)$34.83
Prepaid interest, second (1 days)$154.36
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 11 moOf the original 30-year loan at 2.880%
Interest already paid$83,866Through Nov 2026
Assumption only · ends Oct 2050$169,827
Assumption + second · ends Oct 2050, second Dec 2056$1,317,821
New conventional · ends Dec 2056$1,771,897