Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,987/mo
Lowest payment- Down payment
- $1,652,223
- Funds due
- $1,683,334
- Interest + MI left
- $136,225
- First ends
- Mar 2050
Assumption
Assumption + second
$13,389/mo
+$10,402/mo- Down payment
- $200,223
- Funds due
- $232,892
- Interest + MI left
- $2,429,055
- First ends
- Mar 2050
New loan
New conventional
$14,080/mo
+$11,093/mo- Down payment
- $200,223
- Funds due
- $227,136
- Interest + MI left
- $2,729,481
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,776 | $347,776 | $1,799,776 |
| Second mortgage | — | $1,452,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $12,461.29 |
| Second P&I | — | $10,402.31 | — |
| Mortgage insurance | — | — | $359.96 |
| Taxes, insurance & HOA | $1,258.58 | $1,258.58 | $1,258.58 |
| Total housing payment | $2,987.16 | $13,389.47 | $14,079.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$200,223
Closing costs & prepaids$32,670
Usable credit−$0
Total buyer cash needed$232,892
Earnest money paid−$0
Remaining funds due$232,892
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$19,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,738.88
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)$2,225.75
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$28.58
Prepaid interest, second (1 days)$308.30
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 4 moOf the original 30-year loan at 3.000%
Interest already paid$76,062Through Nov 2026
Assumption only · ends Mar 2050$136,225
Assumption + second · ends Mar 2050, second Dec 2056$2,429,055
New conventional · ends Dec 2056$2,729,481