Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,321/mo
Lowest payment- Down payment
- $1,441,062
- Funds due
- $1,467,021
- Interest + MI left
- $65,369
- First ends
- Jun 2043
Assumption
Assumption + second
$11,462/mo
+$9,141/mo- Down payment
- $165,062
- Funds due
- $192,542
- Interest + MI left
- $2,080,281
- First ends
- Jun 2043
New loan
New conventional
$11,510/mo
+$9,189/mo- Down payment
- $165,062
- Funds due
- $187,838
- Interest + MI left
- $2,244,426
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,938 | $203,938 | $1,479,938 |
| Second mortgage | — | $1,276,000 | — |
| First P&I | $1,353.31 | $1,353.31 | $10,246.79 |
| Second P&I | — | $9,141.42 | — |
| Mortgage insurance | — | — | $295.99 |
| Taxes, insurance & HOA | $967.33 | $967.33 | $967.33 |
| Total housing payment | $2,320.64 | $11,462.06 | $11,510.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$165,062
Closing costs & prepaids$27,480
Usable credit−$0
Total buyer cash needed$192,542
Earnest money paid−$0
Remaining funds due$192,542
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,019.69
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)$1,637.00
Initial HOA (3 months)$615.00
Prepaid interest, first (1 days)$19.61
Prepaid interest, second (1 days)$270.93
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 closing16 yr 7 moOf the original 30-year loan at 3.510%
Interest already paid$120,821Through Nov 2026
Assumption only · ends Jun 2043$65,369
Assumption + second · ends Jun 2043, second Dec 2056$2,080,281
New conventional · ends Dec 2056$2,244,426