Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,016/mo
Lowest payment- Down payment
- $1,176,384
- Funds due
- $1,207,538
- Interest + MI left
- $268,580
- First ends
- Sep 2046
Assumption
Assumption + second
$12,115/mo
+$7,100/mo- Down payment
- $185,384
- Funds due
- $219,682
- Interest + MI left
- $1,833,452
- First ends
- Sep 2046
New loan
New conventional
$12,650/mo
+$7,634/mo- Down payment
- $185,384
- Funds due
- $212,872
- Interest + MI left
- $2,433,944
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $673,616 | $673,616 | $1,664,616 |
| Second mortgage | — | $991,000 | — |
| First P&I | $3,975.51 | $3,975.51 | $11,276.69 |
| Second P&I | — | $7,099.65 | — |
| Mortgage insurance | — | — | $332.92 |
| Taxes, insurance & HOA | $1,040.00 | $1,040.00 | $1,040.00 |
| Total housing payment | $5,015.51 | $12,115.15 | $12,649.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$185,384
Closing costs & prepaids$34,298
Usable credit−$0
Total buyer cash needed$219,682
Earnest money paid−$0
Remaining funds due$219,682
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%)$3,368.08
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)$249.99
Prepaid interest, first (9 days)$597.95
Prepaid interest, second (9 days)$1,893.76
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 closing19 yr 9 moOf the original 30-year loan at 3.6%
Interest already paid$288,184Through Dec 2026
Assumption only · ends Sep 2046$268,580
Assumption + second · ends Sep 2046, second Jan 2057$1,833,452
New conventional · ends Jan 2057$2,433,944