Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,943/mo
Lowest payment- Down payment
- $1,401,448
- Funds due
- $1,429,739
- Interest + MI left
- $135,838
- First ends
- Jun 2050
Assumption
Assumption + second
$11,762/mo
+$8,819/mo- Down payment
- $170,448
- Funds due
- $200,250
- Interest + MI left
- $2,079,690
- First ends
- Jun 2050
New loan
New conventional
$12,286/mo
+$9,343/mo- Down payment
- $170,448
- Funds due
- $195,055
- Interest + MI left
- $2,312,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,552 | $293,552 | $1,524,552 |
| Second mortgage | — | $1,231,000 | — |
| First P&I | $1,517.28 | $1,517.28 | $10,555.69 |
| Second P&I | — | $8,819.03 | — |
| Mortgage insurance | — | — | $304.91 |
| Taxes, insurance & HOA | $1,425.75 | $1,425.75 | $1,425.75 |
| Total housing payment | $2,943.03 | $11,762.07 | $12,286.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$170,448
Closing costs & prepaids$29,802
Usable credit−$0
Total buyer cash needed$200,250
Earnest money paid−$0
Remaining funds due$200,250
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,467.76
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)$2,947.25
Initial HOA (3 months)$680.01
Prepaid interest, first (1 days)$27.75
Prepaid interest, second (1 days)$261.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.450%
Interest already paid$70,382Through Nov 2026
Assumption only · ends Jun 2050$135,838
Assumption + second · ends Jun 2050, second Dec 2056$2,079,690
New conventional · ends Dec 2056$2,312,086