Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,867/mo
Lowest payment- Down payment
- $1,194,972
- Funds due
- $1,222,418
- Interest + MI left
- $180,886
- First ends
- Jan 2045
Assumption
Assumption + second
$11,239/mo
+$7,372/mo- Down payment
- $165,972
- Funds due
- $195,979
- Interest + MI left
- $1,805,764
- First ends
- Jan 2045
New loan
New conventional
$11,287/mo
+$7,420/mo- Down payment
- $165,972
- Funds due
- $190,149
- Interest + MI left
- $2,169,894
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,028 | $455,028 | $1,484,028 |
| Second mortgage | — | $1,029,000 | — |
| First P&I | $2,930.48 | $2,930.48 | $10,053.32 |
| Second P&I | — | $7,371.88 | — |
| Mortgage insurance | — | — | $296.81 |
| Taxes, insurance & HOA | $936.67 | $936.67 | $936.67 |
| Total housing payment | $3,867.15 | $11,239.03 | $11,286.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$165,972
Closing costs & prepaids$30,007
Usable credit−$0
Total buyer cash needed$195,979
Earnest money paid−$0
Remaining funds due$195,979
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,275.14
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)$1,980.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$293.21
Prepaid interest, second (6 days)$1,310.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing18 yr 1 moOf the original 30-year loan at 3.92%
Interest already paid$254,292Through Dec 2026
Assumption only · ends Jan 2045$180,886
Assumption + second · ends Jan 2045, second Jan 2057$1,805,764
New conventional · ends Jan 2057$2,169,894