Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,055/mo
Lowest payment- Down payment
- $1,406,940
- Funds due
- $1,436,001
- Interest + MI left
- $170,277
- First ends
- Aug 2050
Assumption
Assumption + second
$11,838/mo
+$8,783/mo- Down payment
- $180,940
- Funds due
- $213,594
- Interest + MI left
- $2,106,234
- First ends
- Aug 2050
New loan
New conventional
$12,363/mo
+$9,308/mo- Down payment
- $180,940
- Funds due
- $207,986
- Interest + MI left
- $2,367,332
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,059 | $393,059 | $1,619,059 |
| Second mortgage | — | $1,226,000 | — |
| First P&I | $1,983.58 | $1,983.58 | $10,968.07 |
| Second P&I | — | $8,783.21 | — |
| Mortgage insurance | — | — | $323.81 |
| Taxes, insurance & HOA | $1,071.34 | $1,071.34 | $1,071.34 |
| Total housing payment | $3,054.91 | $11,838.13 | $12,363.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$180,940
Closing costs & prepaids$32,654
Usable credit−$0
Total buyer cash needed$213,594
Earnest money paid−$0
Remaining funds due$213,594
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,965.29
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)$2,160.00
Initial HOA (3 months)$404.01
Prepaid interest, first (9 days)$314.02
Prepaid interest, second (9 days)$2,342.84
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 closing23 yr 8 moOf the original 30-year loan at 3.24%
Interest already paid$87,457Through Dec 2026
Assumption only · ends Aug 2050$170,277
Assumption + second · ends Aug 2050, second Jan 2057$2,106,234
New conventional · ends Jan 2057$2,367,332