Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,991/mo
Lowest payment- Down payment
- $1,117,273
- Funds due
- $1,145,176
- Interest + MI left
- $132,386
- First ends
- Sep 2040
Assumption
Assumption + second
$11,811/mo
+$6,820/mo- Down payment
- $165,273
- Funds due
- $195,639
- Interest + MI left
- $1,635,674
- First ends
- Sep 2040
New loan
New conventional
$11,315/mo
+$6,324/mo- Down payment
- $165,273
- Funds due
- $189,527
- Interest + MI left
- $2,170,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $532,727 | $532,727 | $1,484,727 |
| Second mortgage | — | $952,000 | — |
| First P&I | $4,030.99 | $4,030.99 | $10,058.06 |
| Second P&I | — | $6,820.24 | — |
| Mortgage insurance | — | — | $296.95 |
| Taxes, insurance & HOA | $959.67 | $959.67 | $959.67 |
| Total housing payment | $4,990.66 | $11,810.90 | $11,314.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$165,273
Closing costs & prepaids$30,366
Usable credit−$0
Total buyer cash needed$195,639
Earnest money paid−$0
Remaining funds due$195,639
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%)$2,663.64
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)$249.00
Prepaid interest, first (6 days)$292.49
Prepaid interest, second (6 days)$1,212.82
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 closing13 yr 9 moOf the original 20-year loan at 3.34%
Interest already paid$130,052Through Dec 2026
Assumption only · ends Sep 2040$132,386
Assumption + second · ends Sep 2040, second Jan 2057$1,635,674
New conventional · ends Jan 2057$2,170,916