Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,452/mo
Lowest payment- Down payment
- $949,864
- Funds due
- $984,120
- Interest + MI left
- $491,588
- First ends
- Apr 2050
Assumption
Assumption + second
$11,839/mo
+$5,387/mo- Down payment
- $197,864
- Funds due
- $234,488
- Interest + MI left
- $1,679,059
- First ends
- Apr 2050
New loan
New conventional
$13,429/mo
+$6,977/mo- Down payment
- $197,864
- Funds due
- $225,962
- Interest + MI left
- $2,598,467
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,025,136 | $1,025,136 | $1,777,136 |
| Second mortgage | — | $752,000 | — |
| First P&I | $5,416.87 | $5,416.87 | $12,038.94 |
| Second P&I | — | $5,387.42 | — |
| Mortgage insurance | — | — | $355.43 |
| Taxes, insurance & HOA | $1,035.00 | $1,035.00 | $1,035.00 |
| Total housing payment | $6,451.87 | $11,839.29 | $13,429.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$197,864
Closing costs & prepaids$36,624
Usable credit−$0
Total buyer cash needed$234,488
Earnest money paid−$0
Remaining funds due$234,488
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$19,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,125.68
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)$2,370.00
Initial HOA (3 months)$84.99
Prepaid interest, first (7 days)$707.77
Prepaid interest, second (7 days)$1,117.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4 moOf the original 30-year loan at 3.6%
Interest already paid$267,036Through Dec 2026
Assumption only · ends Apr 2050$491,588
Assumption + second · ends Apr 2050, second Jan 2057$1,679,059
New conventional · ends Jan 2057$2,598,467