Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,673/mo
Lowest payment- Down payment
- $1,506,020
- Funds due
- $1,534,660
- Interest + MI left
- $171,341
- First ends
- Aug 2050
Assumption
Assumption + second
$12,101/mo
+$9,428/mo- Down payment
- $190,020
- Funds due
- $220,190
- Interest + MI left
- $2,249,416
- First ends
- Aug 2050
New loan
New conventional
$12,871/mo
+$10,198/mo- Down payment
- $190,020
- Funds due
- $214,308
- Interest + MI left
- $2,593,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,979 | $393,979 | $1,709,979 |
| Second mortgage | — | $1,316,000 | — |
| First P&I | $1,983.58 | $1,983.58 | $11,839.55 |
| Second P&I | — | $9,427.99 | — |
| Mortgage insurance | — | — | $342.00 |
| Taxes, insurance & HOA | $689.00 | $689.00 | $689.00 |
| Total housing payment | $2,672.58 | $12,100.57 | $12,870.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$190,020
Closing costs & prepaids$30,169
Usable credit−$0
Total buyer cash needed$220,190
Earnest money paid−$0
Remaining funds due$220,190
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,969.89
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)$1,013.00
Initial HOA (3 months)$404.01
Prepaid interest, first (1 days)$34.97
Prepaid interest, second (1 days)$279.42
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 9 moOf the original 30-year loan at 3.240%
Interest already paid$86,393Through Nov 2026
Assumption only · ends Aug 2050$171,341
Assumption + second · ends Aug 2050, second Dec 2056$2,249,416
New conventional · ends Dec 2056$2,593,298