Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,304/mo
Lowest payment- Down payment
- $1,493,510
- Funds due
- $1,528,082
- Interest + MI left
- $210,306
- First ends
- Jul 2045
Assumption
Assumption + second
$14,546/mo
+$9,242/mo- Down payment
- $203,510
- Funds due
- $239,880
- Interest + MI left
- $2,247,324
- First ends
- Jul 2045
New loan
New conventional
$14,982/mo
+$9,678/mo- Down payment
- $203,510
- Funds due
- $233,202
- Interest + MI left
- $2,769,995
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $536,490 | $536,490 | $1,826,490 |
| Second mortgage | — | $1,290,000 | — |
| First P&I | $3,333.91 | $3,333.91 | $12,646.25 |
| Second P&I | — | $9,241.72 | — |
| Mortgage insurance | — | — | $365.30 |
| Taxes, insurance & HOA | $1,970.33 | $1,970.33 | $1,970.33 |
| Total housing payment | $5,304.24 | $14,545.96 | $14,981.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$203,510
Closing costs & prepaids$36,369
Usable credit−$0
Total buyer cash needed$239,880
Earnest money paid−$0
Remaining funds due$239,880
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$20,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,682.45
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)$5,075.00
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$110.24
Prepaid interest, second (2 days)$547.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing18 yr 8 moOf the original 30-year loan at 3.750%
Interest already paid$270,014Through Nov 2026
Assumption only · ends Jul 2045$210,306
Assumption + second · ends Jul 2045, second Dec 2056$2,247,324
New conventional · ends Dec 2056$2,769,995