Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,760/mo
Lowest payment- Down payment
- $1,363,586
- Funds due
- $1,391,228
- Interest + MI left
- $164,953
- First ends
- Sep 2050
Assumption
Assumption + second
$11,256/mo
+$8,497/mo- Down payment
- $177,586
- Funds due
- $206,730
- Interest + MI left
- $2,037,746
- First ends
- Sep 2050
New loan
New conventional
$12,124/mo
+$9,364/mo- Down payment
- $177,586
- Funds due
- $200,892
- Interest + MI left
- $2,422,586
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $411,414 | $411,414 | $1,597,414 |
| Second mortgage | — | $1,186,000 | — |
| First P&I | $2,015.27 | $2,015.27 | $11,060.17 |
| Second P&I | — | $8,496.65 | — |
| Mortgage insurance | — | — | $319.48 |
| Taxes, insurance & HOA | $744.33 | $744.33 | $744.33 |
| Total housing payment | $2,759.60 | $11,256.25 | $12,123.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$177,586
Closing costs & prepaids$29,144
Usable credit−$0
Total buyer cash needed$206,730
Earnest money paid−$0
Remaining funds due$206,730
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,057.07
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)$1,583.00
Prepaid interest, first (1 days)$33.81
Prepaid interest, second (1 days)$251.82
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 10 moOf the original 30-year loan at 3.000%
Interest already paid$82,544Through Nov 2026
Assumption only · ends Sep 2050$164,953
Assumption + second · ends Sep 2050, second Dec 2056$2,037,746
New conventional · ends Dec 2056$2,422,586