Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,164/mo
Lowest payment- Down payment
- $1,156,412
- Funds due
- $1,189,513
- Interest + MI left
- $405,983
- First ends
- Jun 2051
Assumption
Assumption + second
$11,955/mo
+$6,792/mo- Down payment
- $208,412
- Funds due
- $243,166
- Interest + MI left
- $1,902,955
- First ends
- Jun 2051
New loan
New conventional
$13,978/mo
+$8,815/mo- Down payment
- $208,412
- Funds due
- $234,631
- Interest + MI left
- $2,833,839
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $920,588 | $920,588 | $1,868,588 |
| Second mortgage | — | $948,000 | — |
| First P&I | $4,496.85 | $4,496.85 | $12,937.73 |
| Second P&I | — | $6,791.59 | — |
| Mortgage insurance | — | — | $373.72 |
| Taxes, insurance & HOA | $666.66 | $666.66 | $666.66 |
| Total housing payment | $5,163.51 | $11,955.10 | $13,978.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$208,412
Closing costs & prepaids$34,753
Usable credit−$0
Total buyer cash needed$243,166
Earnest money paid−$0
Remaining funds due$243,166
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$20,770.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,602.94
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)$1,094.00
Initial HOA (3 months)$255.99
Prepaid interest, first (2 days)$159.90
Prepaid interest, second (2 days)$402.58
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 closing24 yr 7 moOf the original 30-year loan at 3.170%
Interest already paid$169,113Through Nov 2026
Assumption only · ends Jun 2051$405,983
Assumption + second · ends Jun 2051, second Dec 2056$1,902,955
New conventional · ends Dec 2056$2,833,839