Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,163/mo
Lowest payment- Down payment
- $1,315,951
- Funds due
- $1,344,438
- Interest + MI left
- $187,142
- First ends
- Aug 2050
Assumption
Assumption + second
$11,337/mo
+$8,174/mo- Down payment
- $174,951
- Funds due
- $206,869
- Interest + MI left
- $1,988,877
- First ends
- Aug 2050
New loan
New conventional
$11,943/mo
+$8,780/mo- Down payment
- $174,951
- Funds due
- $201,185
- Interest + MI left
- $2,295,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,049 | $429,049 | $1,570,049 |
| Second mortgage | — | $1,141,000 | — |
| First P&I | $2,169.69 | $2,169.69 | $10,636.06 |
| Second P&I | — | $8,174.26 | — |
| Mortgage insurance | — | — | $314.01 |
| Taxes, insurance & HOA | $993.00 | $993.00 | $993.00 |
| Total housing payment | $3,162.68 | $11,336.95 | $11,943.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$174,951
Closing costs & prepaids$31,918
Usable credit−$0
Total buyer cash needed$206,869
Earnest money paid−$0
Remaining funds due$206,869
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,145.24
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)$2,094.00
Initial HOA (3 months)$234.99
Prepaid interest, first (9 days)$344.88
Prepaid interest, second (9 days)$2,180.40
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 8 moOf the original 30-year loan at 3.26%
Interest already paid$96,031Through Dec 2026
Assumption only · ends Aug 2050$187,142
Assumption + second · ends Aug 2050, second Jan 2057$1,988,877
New conventional · ends Jan 2057$2,295,671