Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,180/mo
Lowest payment- Down payment
- $1,068,784
- Funds due
- $1,092,498
- Interest + MI left
- $98,811
- First ends
- Nov 2041
Assumption
Assumption + second
$9,865/mo
+$6,684/mo- Down payment
- $135,784
- Funds due
- $160,947
- Interest + MI left
- $1,572,096
- First ends
- Nov 2041
New loan
New conventional
$9,719/mo
+$6,539/mo- Down payment
- $135,784
- Funds due
- $156,155
- Interest + MI left
- $1,841,440
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,216 | $281,216 | $1,214,216 |
| Second mortgage | — | $933,000 | — |
| First P&I | $2,111.26 | $2,111.26 | $8,406.99 |
| Second P&I | — | $6,684.13 | — |
| Mortgage insurance | — | — | $242.84 |
| Taxes, insurance & HOA | $1,069.16 | $1,069.16 | $1,069.16 |
| Total housing payment | $3,180.42 | $9,864.55 | $9,718.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,784
Closing costs & prepaids$25,162
Usable credit−$0
Total buyer cash needed$160,947
Earnest money paid−$0
Remaining funds due$160,947
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,406.08
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)$1,860.50
Initial HOA (3 months)$696.99
Prepaid interest, first (1 days)$32.51
Prepaid interest, second (1 days)$198.10
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 closing15 yrOf the original 30-year loan at 4.220%
Interest already paid$230,536Through Nov 2026
Assumption only · ends Nov 2041$98,811
Assumption + second · ends Nov 2041, second Dec 2056$1,572,096
New conventional · ends Dec 2056$1,841,440