Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,858/mo
Lowest payment- Down payment
- $1,097,053
- Funds due
- $1,129,074
- Interest + MI left
- $296,393
- First ends
- Dec 2050
Assumption
Assumption + second
$11,392/mo
+$6,534/mo- Down payment
- $185,053
- Funds due
- $220,066
- Interest + MI left
- $1,736,517
- First ends
- Dec 2050
New loan
New conventional
$12,827/mo
+$7,968/mo- Down payment
- $185,053
- Funds due
- $213,069
- Interest + MI left
- $2,434,428
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $752,947 | $752,947 | $1,664,947 |
| Second mortgage | — | $912,000 | — |
| First P&I | $3,643.54 | $3,643.54 | $11,278.93 |
| Second P&I | — | $6,533.68 | — |
| Mortgage insurance | — | — | $332.99 |
| Taxes, insurance & HOA | $1,214.67 | $1,214.67 | $1,214.67 |
| Total housing payment | $4,858.21 | $11,391.89 | $12,826.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$185,053
Closing costs & prepaids$35,014
Usable credit−$0
Total buyer cash needed$220,066
Earnest money paid−$0
Remaining funds due$220,066
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,764.74
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)$2,220.00
Initial HOA (3 months)$774.00
Prepaid interest, first (9 days)$543.98
Prepaid interest, second (9 days)$1,742.79
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 yrOf the original 30-year loan at 2.93%
Interest already paid$143,284Through Dec 2026
Assumption only · ends Dec 2050$296,393
Assumption + second · ends Dec 2050, second Jan 2057$1,736,517
New conventional · ends Jan 2057$2,434,428