Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$10,111/mo
Lowest payment- Down payment
- $1,585,610
- Funds due
- $1,631,483
- Interest + MI left
- $1,458,404
- First ends
- Sep 2053
Assumption
Assumption + second
$19,389/mo
+$9,278/mo- Down payment
- $290,610
- Funds due
- $338,008
- Interest + MI left
- $3,503,318
- First ends
- Sep 2053
New loan
New conventional
$20,089/mo
+$9,978/mo- Down payment
- $290,610
- Funds due
- $326,508
- Interest + MI left
- $3,957,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,314,390 | $1,314,390 | $2,609,390 |
| Second mortgage | — | $1,295,000 | — |
| First P&I | $8,611.16 | $8,611.16 | $18,066.89 |
| Second P&I | — | $9,277.54 | — |
| Mortgage insurance | — | — | $521.88 |
| Taxes, insurance & HOA | $1,500.08 | $1,500.08 | $1,500.08 |
| Total housing payment | $10,111.24 | $19,388.78 | $20,088.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$290,610
Closing costs & prepaids$47,398
Usable credit−$0
Total buyer cash needed$338,008
Earnest money paid−$0
Remaining funds due$338,008
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$29,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,571.95
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)$3,058.25
Initial HOA (3 months)$792.00
Prepaid interest, first (1 days)$232.99
Prepaid interest, second (1 days)$274.97
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 closing26 yr 10 moOf the original 30-year loan at 6.470%
Interest already paid$274,972Through Nov 2026
Assumption only · ends Sep 2053$1,458,404
Assumption + second · ends Sep 2053, second Dec 2056$3,503,318
New conventional · ends Dec 2056$3,957,315