Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,315/mo
Lowest payment- Down payment
- $1,536,383
- Funds due
- $1,576,800
- Interest + MI left
- $433,474
- First ends
- Sep 2050
Assumption
Assumption + second
$15,528/mo
+$9,213/mo- Down payment
- $250,383
- Funds due
- $294,508
- Interest + MI left
- $2,464,176
- First ends
- Sep 2050
New loan
New conventional
$17,102/mo
+$10,788/mo- Down payment
- $250,383
- Funds due
- $285,874
- Interest + MI left
- $3,289,312
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $963,617 | $963,617 | $2,249,617 |
| Second mortgage | — | $1,286,000 | — |
| First P&I | $4,902.07 | $4,902.07 | $15,239.69 |
| Second P&I | — | $9,213.06 | — |
| Mortgage insurance | — | — | $449.92 |
| Taxes, insurance & HOA | $1,412.50 | $1,412.50 | $1,412.50 |
| Total housing payment | $6,314.57 | $15,527.63 | $17,102.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$250,383
Closing costs & prepaids$44,125
Usable credit−$0
Total buyer cash needed$294,508
Earnest money paid−$0
Remaining funds due$294,508
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%)$4,818.09
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)$3,000.00
Initial HOA (3 months)$587.49
Prepaid interest, first (9 days)$793.60
Prepaid interest, second (9 days)$2,457.49
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 9 moOf the original 30-year loan at 3.34%
Interest already paid$217,573Through Dec 2026
Assumption only · ends Sep 2050$433,474
Assumption + second · ends Sep 2050, second Jan 2057$2,464,176
New conventional · ends Jan 2057$3,289,312