Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,662/mo
Lowest payment- Down payment
- $1,332,373
- Funds due
- $1,359,781
- Interest + MI left
- $121,891
- First ends
- Jul 2051
Assumption
Assumption + second
$10,994/mo
+$8,332/mo- Down payment
- $169,373
- Funds due
- $198,278
- Interest + MI left
- $1,958,366
- First ends
- Jul 2051
New loan
New conventional
$11,875/mo
+$9,213/mo- Down payment
- $169,373
- Funds due
- $192,790
- Interest + MI left
- $2,306,133
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,627 | $357,627 | $1,520,627 |
| Second mortgage | — | $1,163,000 | — |
| First P&I | $1,620.00 | $1,620.00 | $10,528.51 |
| Second P&I | — | $8,331.87 | — |
| Mortgage insurance | — | — | $304.13 |
| Taxes, insurance & HOA | $1,042.50 | $1,042.50 | $1,042.50 |
| Total housing payment | $2,662.50 | $10,994.37 | $11,875.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$169,373
Closing costs & prepaids$28,905
Usable credit−$0
Total buyer cash needed$198,278
Earnest money paid−$0
Remaining funds due$198,278
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,788.14
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)$1,706.50
Initial HOA (3 months)$771.00
Prepaid interest, first (1 days)$24.50
Prepaid interest, second (1 days)$246.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 2.500%
Interest already paid$51,307Through Nov 2026
Assumption only · ends Jul 2051$121,891
Assumption + second · ends Jul 2051, second Dec 2056$1,958,366
New conventional · ends Dec 2056$2,306,133