Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,100/mo
Lowest payment- Down payment
- $1,069,907
- Funds due
- $1,093,634
- Interest + MI left
- $97,822
- First ends
- Nov 2041
Assumption
Assumption + second
$9,792/mo
+$6,691/mo- Down payment
- $135,907
- Funds due
- $162,668
- Interest + MI left
- $1,572,686
- First ends
- Nov 2041
New loan
New conventional
$9,457/mo
+$6,356/mo- Down payment
- $135,907
- Funds due
- $157,939
- Interest + MI left
- $1,775,205
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,093 | $280,093 | $1,214,093 |
| Second mortgage | — | $934,000 | — |
| First P&I | $2,111.26 | $2,111.26 | $8,224.69 |
| Second P&I | — | $6,691.29 | — |
| Mortgage insurance | — | — | $242.82 |
| Taxes, insurance & HOA | $989.00 | $989.00 | $989.00 |
| Total housing payment | $3,100.25 | $9,791.54 | $9,456.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,907
Closing costs & prepaids$26,762
Usable credit−$0
Total buyer cash needed$162,668
Earnest money paid−$0
Remaining funds due$162,668
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,400.47
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)$1,620.00
Initial HOA (3 months)$696.99
Prepaid interest, first (9 days)$291.45
Prepaid interest, second (9 days)$1,784.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing14 yr 11 moOf the original 30-year loan at 4.22%
Interest already paid$231,525Through Dec 2026
Assumption only · ends Nov 2041$97,822
Assumption + second · ends Nov 2041, second Jan 2057$1,572,686
New conventional · ends Jan 2057$1,775,205