Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,687/mo
Lowest payment- Down payment
- $1,534,169
- Funds due
- $1,572,097
- Interest + MI left
- $436,162
- First ends
- Sep 2050
Assumption
Assumption + second
$14,885/mo
+$9,199/mo- Down payment
- $250,169
- Funds due
- $289,892
- Interest + MI left
- $2,463,706
- First ends
- Sep 2050
New loan
New conventional
$16,812/mo
+$11,125/mo- Down payment
- $250,169
- Funds due
- $280,708
- Interest + MI left
- $3,412,020
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $965,831 | $965,831 | $2,249,831 |
| Second mortgage | — | $1,284,000 | — |
| First P&I | $4,902.07 | $4,902.07 | $15,577.38 |
| Second P&I | — | $9,198.73 | — |
| Mortgage insurance | — | — | $449.97 |
| Taxes, insurance & HOA | $784.50 | $784.50 | $784.50 |
| Total housing payment | $5,686.57 | $14,885.30 | $16,811.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$250,169
Closing costs & prepaids$39,723
Usable credit−$0
Total buyer cash needed$289,892
Earnest money paid−$0
Remaining funds due$289,892
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$25,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,829.15
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)$1,116.00
Initial HOA (3 months)$587.49
Prepaid interest, first (2 days)$176.76
Prepaid interest, second (2 days)$545.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 3.340%
Interest already paid$214,884Through Nov 2026
Assumption only · ends Sep 2050$436,162
Assumption + second · ends Sep 2050, second Dec 2056$2,463,706
New conventional · ends Dec 2056$3,412,020