Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,313/mo
Lowest payment- Down payment
- $1,608,711
- Funds due
- $1,642,066
- Interest + MI left
- $216,907
- First ends
- Jul 2046
Assumption
Assumption + second
$14,293/mo
+$9,980/mo- Down payment
- $215,711
- Funds due
- $252,090
- Interest + MI left
- $2,416,572
- First ends
- Jul 2046
New loan
New conventional
$14,572/mo
+$10,258/mo- Down payment
- $215,711
- Funds due
- $245,376
- Interest + MI left
- $2,825,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $539,189 | $539,189 | $1,932,189 |
| Second mortgage | — | $1,393,000 | — |
| First P&I | $3,217.43 | $3,217.43 | $13,089.32 |
| Second P&I | — | $9,979.62 | — |
| Mortgage insurance | — | — | $386.44 |
| Taxes, insurance & HOA | $1,095.83 | $1,095.83 | $1,095.83 |
| Total housing payment | $4,313.27 | $14,292.89 | $14,571.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$215,711
Closing costs & prepaids$36,379
Usable credit−$0
Total buyer cash needed$252,090
Earnest money paid−$0
Remaining funds due$252,090
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$21,479.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,695.95
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)$2,577.50
Initial HOA (3 months)$60.00
Prepaid interest, first (6 days)$324.40
Prepaid interest, second (6 days)$1,774.64
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 closing19 yr 7 moOf the original 30-year loan at 3.66%
Interest already paid$238,908Through Dec 2026
Assumption only · ends Jul 2046$216,907
Assumption + second · ends Jul 2046, second Jan 2057$2,416,572
New conventional · ends Jan 2057$2,825,180