Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,110/mo
Lowest payment- Down payment
- $1,141,945
- Funds due
- $1,163,947
- Interest + MI left
- $69,882
- First ends
- Jun 2042
Assumption
Assumption + second
$9,317/mo
+$7,207/mo- Down payment
- $135,945
- Funds due
- $159,411
- Interest + MI left
- $1,658,440
- First ends
- Jun 2042
New loan
New conventional
$9,272/mo
+$7,162/mo- Down payment
- $135,945
- Funds due
- $154,978
- Interest + MI left
- $1,841,044
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,955 | $207,955 | $1,213,955 |
| Second mortgage | — | $1,006,000 | — |
| First P&I | $1,485.75 | $1,485.75 | $8,405.18 |
| Second P&I | — | $7,207.11 | — |
| Mortgage insurance | — | — | $242.79 |
| Taxes, insurance & HOA | $624.25 | $624.25 | $624.25 |
| Total housing payment | $2,110.00 | $9,317.11 | $9,272.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,945
Closing costs & prepaids$23,465
Usable credit−$0
Total buyer cash needed$159,411
Earnest money paid−$0
Remaining funds due$159,411
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,039.77
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)$1,132.75
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$22.22
Prepaid interest, second (1 days)$213.60
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 yr 7 moOf the original 30-year loan at 3.900%
Interest already paid$149,990Through Nov 2026
Assumption only · ends Jun 2042$69,882
Assumption + second · ends Jun 2042, second Dec 2056$1,658,440
New conventional · ends Dec 2056$1,841,044