Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,344/mo
Lowest payment- Down payment
- $1,209,865
- Funds due
- $1,240,017
- Interest + MI left
- $309,546
- First ends
- Feb 2050
Assumption
Assumption + second
$11,680/mo
+$7,336/mo- Down payment
- $185,865
- Funds due
- $217,484
- Interest + MI left
- $1,926,528
- First ends
- Feb 2050
New loan
New conventional
$12,795/mo
+$8,451/mo- Down payment
- $185,865
- Funds due
- $210,438
- Interest + MI left
- $2,523,773
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $640,135 | $640,135 | $1,664,135 |
| Second mortgage | — | $1,024,000 | — |
| First P&I | $3,403.88 | $3,403.88 | $11,522.13 |
| Second P&I | — | $7,336.06 | — |
| Mortgage insurance | — | — | $332.83 |
| Taxes, insurance & HOA | $939.83 | $939.83 | $939.83 |
| Total housing payment | $4,343.71 | $11,679.77 | $12,794.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$185,865
Closing costs & prepaids$31,619
Usable credit−$0
Total buyer cash needed$217,484
Earnest money paid−$0
Remaining funds due$217,484
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,200.68
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)$1,635.50
Initial HOA (3 months)$534.00
Prepaid interest, first (1 days)$63.84
Prepaid interest, second (1 days)$217.42
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 closing23 yr 3 moOf the original 30-year loan at 3.640%
Interest already paid$170,849Through Nov 2026
Assumption only · ends Feb 2050$309,546
Assumption + second · ends Feb 2050, second Dec 2056$1,926,528
New conventional · ends Dec 2056$2,523,773