Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,474/mo
Lowest payment- Down payment
- $1,006,491
- Funds due
- $1,035,150
- Interest + MI left
- $271,475
- First ends
- Jan 2050
Assumption
Assumption + second
$10,571/mo
+$6,097/mo- Down payment
- $155,491
- Funds due
- $186,304
- Interest + MI left
- $1,615,276
- First ends
- Jan 2050
New loan
New conventional
$11,255/mo
+$6,780/mo- Down payment
- $155,491
- Funds due
- $180,179
- Interest + MI left
- $2,037,541
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $542,509 | $542,509 | $1,393,509 |
| Second mortgage | — | $851,000 | — |
| First P&I | $2,938.57 | $2,938.57 | $9,440.12 |
| Second P&I | — | $6,096.67 | — |
| Mortgage insurance | — | — | $278.70 |
| Taxes, insurance & HOA | $1,535.83 | $1,535.83 | $1,535.83 |
| Total housing payment | $4,474.40 | $10,571.07 | $11,254.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$155,491
Closing costs & prepaids$30,812
Usable credit−$0
Total buyer cash needed$186,304
Earnest money paid−$0
Remaining funds due$186,304
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,712.54
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)$3,950.00
Initial HOA (3 months)$7.50
Prepaid interest, first (5 days)$280.92
Prepaid interest, second (5 days)$903.46
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 1 moOf the original 30-year loan at 3.78%
Interest already paid$154,214Through Dec 2026
Assumption only · ends Jan 2050$271,475
Assumption + second · ends Jan 2050, second Jan 2057$1,615,276
New conventional · ends Jan 2057$2,037,541