Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,252/mo
Lowest payment- Down payment
- $1,091,855
- Funds due
- $1,113,947
- Interest + MI left
- $69,206
- First ends
- Jun 2042
Assumption
Assumption + second
$9,137/mo
+$6,885/mo- Down payment
- $130,855
- Funds due
- $156,033
- Interest + MI left
- $1,586,705
- First ends
- Jun 2042
New loan
New conventional
$8,913/mo
+$6,661/mo- Down payment
- $130,855
- Funds due
- $151,678
- Interest + MI left
- $1,708,021
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,145 | $207,145 | $1,168,145 |
| Second mortgage | — | $961,000 | — |
| First P&I | $1,485.75 | $1,485.75 | $7,913.42 |
| Second P&I | — | $6,884.72 | — |
| Mortgage insurance | — | — | $233.63 |
| Taxes, insurance & HOA | $766.25 | $766.25 | $766.25 |
| Total housing payment | $2,252.00 | $9,136.73 | $8,913.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,855
Closing costs & prepaids$25,178
Usable credit−$0
Total buyer cash needed$156,033
Earnest money paid−$0
Remaining funds due$156,033
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%)$1,035.72
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)$1,558.75
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$199.20
Prepaid interest, second (9 days)$1,836.43
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 closing15 yr 6 moOf the original 30-year loan at 3.9%
Interest already paid$150,666Through Dec 2026
Assumption only · ends Jun 2042$69,206
Assumption + second · ends Jun 2042, second Jan 2057$1,586,705
New conventional · ends Jan 2057$1,708,021