Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,619/mo
Lowest payment- Down payment
- $1,131,477
- Funds due
- $1,166,222
- Interest + MI left
- $403,551
- First ends
- Jun 2051
Assumption
Assumption + second
$12,253/mo
+$6,634/mo- Down payment
- $205,477
- Funds due
- $243,241
- Interest + MI left
- $1,865,783
- First ends
- Jun 2051
New loan
New conventional
$13,986/mo
+$8,367/mo- Down payment
- $205,477
- Funds due
- $235,329
- Interest + MI left
- $2,696,998
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $918,523 | $918,523 | $1,844,523 |
| Second mortgage | — | $926,000 | — |
| First P&I | $4,496.85 | $4,496.85 | $12,495.44 |
| Second P&I | — | $6,633.98 | — |
| Mortgage insurance | — | — | $368.90 |
| Taxes, insurance & HOA | $1,122.00 | $1,122.00 | $1,122.00 |
| Total housing payment | $5,618.85 | $12,252.82 | $13,986.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$205,477
Closing costs & prepaids$37,764
Usable credit−$0
Total buyer cash needed$243,241
Earnest money paid−$0
Remaining funds due$243,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$20,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,592.61
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)$2,460.00
Initial HOA (3 months)$255.99
Prepaid interest, first (9 days)$717.96
Prepaid interest, second (9 days)$1,769.55
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 closing24 yr 6 moOf the original 30-year loan at 3.17%
Interest already paid$171,545Through Dec 2026
Assumption only · ends Jun 2051$403,551
Assumption + second · ends Jun 2051, second Jan 2057$1,865,783
New conventional · ends Jan 2057$2,696,998