Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,835/mo
Lowest payment- Down payment
- $971,906
- Funds due
- $994,556
- Interest + MI left
- $135,392
- First ends
- Nov 2045
Assumption
Assumption + second
$8,860/mo
+$6,025/mo- Down payment
- $130,906
- Funds due
- $154,985
- Interest + MI left
- $1,463,402
- First ends
- Nov 2045
New loan
New conventional
$9,131/mo
+$6,296/mo- Down payment
- $130,906
- Funds due
- $150,016
- Interest + MI left
- $1,773,010
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,094 | $328,094 | $1,169,094 |
| Second mortgage | — | $841,000 | — |
| First P&I | $2,032.84 | $2,032.84 | $8,094.57 |
| Second P&I | — | $6,025.03 | — |
| Mortgage insurance | — | — | $233.82 |
| Taxes, insurance & HOA | $802.33 | $802.33 | $802.33 |
| Total housing payment | $2,835.17 | $8,860.20 | $9,130.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,906
Closing costs & prepaids$24,079
Usable credit−$0
Total buyer cash needed$154,985
Earnest money paid−$0
Remaining funds due$154,985
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,640.47
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)$1,757.00
Prepaid interest, first (1 days)$34.70
Prepaid interest, second (1 days)$178.57
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 closing19 yrOf the original 30-year loan at 3.860%
Interest already paid$163,338Through Nov 2026
Assumption only · ends Nov 2045$135,392
Assumption + second · ends Nov 2045, second Dec 2056$1,463,402
New conventional · ends Dec 2056$1,773,010