Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,433/mo
Lowest payment- Down payment
- $1,441,818
- Funds due
- $1,468,267
- Interest + MI left
- $64,773
- First ends
- Jun 2043
Assumption
Assumption + second
$11,582/mo
+$9,149/mo- Down payment
- $164,818
- Funds due
- $194,957
- Interest + MI left
- $2,081,263
- First ends
- Jun 2043
New loan
New conventional
$11,403/mo
+$8,970/mo- Down payment
- $164,818
- Funds due
- $190,254
- Interest + MI left
- $2,164,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,182 | $203,182 | $1,480,182 |
| Second mortgage | — | $1,277,000 | — |
| First P&I | $1,353.31 | $1,353.31 | $10,027.27 |
| Second P&I | — | $9,148.58 | — |
| Mortgage insurance | — | — | $296.04 |
| Taxes, insurance & HOA | $1,079.67 | $1,079.67 | $1,079.67 |
| Total housing payment | $2,432.97 | $11,581.56 | $11,402.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$164,818
Closing costs & prepaids$30,139
Usable credit−$0
Total buyer cash needed$194,957
Earnest money paid−$0
Remaining funds due$194,957
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,015.91
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)$1,974.00
Initial HOA (3 months)$615.00
Prepaid interest, first (9 days)$175.85
Prepaid interest, second (9 days)$2,440.29
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 closing16 yr 6 moOf the original 30-year loan at 3.51%
Interest already paid$121,417Through Dec 2026
Assumption only · ends Jun 2043$64,773
Assumption + second · ends Jun 2043, second Jan 2057$2,081,263
New conventional · ends Jan 2057$2,164,271