Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,872/mo
Lowest payment- Down payment
- $1,101,464
- Funds due
- $1,135,888
- Interest + MI left
- $369,731
- First ends
- Jun 2050
Assumption
Assumption + second
$12,362/mo
+$6,491/mo- Down payment
- $195,464
- Funds due
- $232,292
- Interest + MI left
- $1,800,381
- First ends
- Jun 2050
New loan
New conventional
$13,788/mo
+$7,917/mo- Down payment
- $195,464
- Funds due
- $224,510
- Interest + MI left
- $2,565,422
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $848,536 | $848,536 | $1,754,536 |
| Second mortgage | — | $906,000 | — |
| First P&I | $4,320.09 | $4,320.09 | $11,885.84 |
| Second P&I | — | $6,490.69 | — |
| Mortgage insurance | — | — | $350.91 |
| Taxes, insurance & HOA | $1,551.67 | $1,551.67 | $1,551.67 |
| Total housing payment | $5,871.76 | $12,362.46 | $13,788.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$195,464
Closing costs & prepaids$36,827
Usable credit−$0
Total buyer cash needed$232,292
Earnest money paid−$0
Remaining funds due$232,292
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$19,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,242.68
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)$2,340.00
Initial HOA (3 months)$1,665.00
Prepaid interest, first (6 days)$457.51
Prepaid interest, second (6 days)$1,154.22
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 closing23 yr 6 moOf the original 30-year loan at 3.28%
Interest already paid$196,594Through Dec 2026
Assumption only · ends Jun 2050$369,731
Assumption + second · ends Jun 2050, second Jan 2057$1,800,381
New conventional · ends Jan 2057$2,565,422