Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,412/mo
Lowest payment- Down payment
- $1,125,689
- Funds due
- $1,156,764
- Interest + MI left
- $260,355
- First ends
- May 2051
Assumption
Assumption + second
$11,182/mo
+$6,770/mo- Down payment
- $180,689
- Funds due
- $214,820
- Interest + MI left
- $1,752,589
- First ends
- May 2051
New loan
New conventional
$12,515/mo
+$8,104/mo- Down payment
- $180,689
- Funds due
- $208,189
- Interest + MI left
- $2,367,701
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $674,311 | $674,311 | $1,619,311 |
| Second mortgage | — | $945,000 | — |
| First P&I | $3,189.99 | $3,189.99 | $10,969.78 |
| Second P&I | — | $6,770.10 | — |
| Mortgage insurance | — | — | $323.86 |
| Taxes, insurance & HOA | $1,221.67 | $1,221.67 | $1,221.67 |
| Total housing payment | $4,411.65 | $11,181.75 | $12,515.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$180,689
Closing costs & prepaids$34,131
Usable credit−$0
Total buyer cash needed$214,820
Earnest money paid−$0
Remaining funds due$214,820
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,371.56
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)$855.00
Prepaid interest, first (9 days)$470.54
Prepaid interest, second (9 days)$1,805.86
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 5 moOf the original 30-year loan at 2.83%
Interest already paid$114,693Through Dec 2026
Assumption only · ends May 2051$260,355
Assumption + second · ends May 2051, second Jan 2057$1,752,589
New conventional · ends Jan 2057$2,367,701