Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,420/mo
Lowest payment- Down payment
- $1,075,231
- Funds due
- $1,099,348
- Interest + MI left
- $128,685
- First ends
- Dec 2051
Assumption
Assumption + second
$9,118/mo
+$6,698/mo- Down payment
- $140,231
- Funds due
- $167,385
- Interest + MI left
- $1,605,129
- First ends
- Dec 2051
New loan
New conventional
$9,676/mo
+$7,256/mo- Down payment
- $140,231
- Funds due
- $162,549
- Interest + MI left
- $1,834,680
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,769 | $319,769 | $1,254,769 |
| Second mortgage | — | $935,000 | — |
| First P&I | $1,494.85 | $1,494.85 | $8,500.24 |
| Second P&I | — | $6,698.45 | — |
| Mortgage insurance | — | — | $250.95 |
| Taxes, insurance & HOA | $924.67 | $924.67 | $924.67 |
| Total housing payment | $2,419.52 | $9,117.97 | $9,675.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,231
Closing costs & prepaids$27,154
Usable credit−$0
Total buyer cash needed$167,385
Earnest money paid−$0
Remaining funds due$167,385
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,598.85
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)$1,674.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$226.29
Prepaid interest, second (9 days)$1,786.75
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 closing25 yrOf the original 30-year loan at 2.87%
Interest already paid$48,930Through Dec 2026
Assumption only · ends Dec 2051$128,685
Assumption + second · ends Dec 2051, second Jan 2057$1,605,129
New conventional · ends Jan 2057$1,834,680