Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,710/mo
Lowest payment- Down payment
- $1,201,842
- Funds due
- $1,223,252
- Interest + MI left
- $11,455
- First ends
- Sep 2036
Assumption
Assumption + second
$9,383/mo
+$7,673/mo- Down payment
- $130,842
- Funds due
- $153,729
- Interest + MI left
- $1,702,654
- First ends
- Sep 2036
New loan
New conventional
$9,110/mo
+$7,400/mo- Down payment
- $130,842
- Funds due
- $149,890
- Interest + MI left
- $1,773,107
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,158 | $98,158 | $1,169,158 |
| Second mortgage | — | $1,071,000 | — |
| First P&I | $928.92 | $928.92 | $8,095.01 |
| Second P&I | — | $7,672.78 | — |
| Mortgage insurance | — | — | $233.83 |
| Taxes, insurance & HOA | $781.50 | $781.50 | $781.50 |
| Total housing payment | $1,710.42 | $9,383.19 | $9,110.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,842
Closing costs & prepaids$22,887
Usable credit−$0
Total buyer cash needed$153,729
Earnest money paid−$0
Remaining funds due$153,729
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$490.79
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)$739.50
Initial HOA (3 months)$954.99
Prepaid interest, first (1 days)$6.10
Prepaid interest, second (1 days)$227.40
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 closing9 yr 10 moOf the original 15-year loan at 2.270%
Interest already paid$14,151Through Nov 2026
Assumption only · ends Sep 2036$11,455
Assumption + second · ends Sep 2036, second Dec 2056$1,702,654
New conventional · ends Dec 2056$1,773,107