Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,349/mo
Lowest payment- Down payment
- $1,074,503
- Funds due
- $1,098,235
- Interest + MI left
- $129,452
- First ends
- Dec 2051
Assumption
Assumption + second
$9,047/mo
+$6,698/mo- Down payment
- $139,503
- Funds due
- $164,882
- Interest + MI left
- $1,605,896
- First ends
- Dec 2051
New loan
New conventional
$9,798/mo
+$7,449/mo- Down payment
- $139,503
- Funds due
- $159,904
- Interest + MI left
- $1,904,046
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,497 | $320,497 | $1,255,497 |
| Second mortgage | — | $935,000 | — |
| First P&I | $1,494.85 | $1,494.85 | $8,692.81 |
| Second P&I | — | $6,698.45 | — |
| Mortgage insurance | — | — | $251.10 |
| Taxes, insurance & HOA | $853.92 | $853.92 | $853.92 |
| Total housing payment | $2,348.77 | $9,047.22 | $9,797.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$139,503
Closing costs & prepaids$25,380
Usable credit−$0
Total buyer cash needed$164,882
Earnest money paid−$0
Remaining funds due$164,882
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,602.49
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)$1,461.75
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$50.40
Prepaid interest, second (2 days)$397.05
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 closing25 yr 1 moOf the original 30-year loan at 2.870%
Interest already paid$48,164Through Nov 2026
Assumption only · ends Dec 2051$129,452
Assumption + second · ends Dec 2051, second Dec 2056$1,605,896
New conventional · ends Dec 2056$1,904,046