Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,102/mo
Lowest payment- Down payment
- $1,080,925
- Funds due
- $1,105,015
- Interest + MI left
- $33,800
- First ends
- Dec 2035
Assumption
Assumption + second
$10,858/mo
+$6,756/mo- Down payment
- $137,925
- Funds due
- $163,465
- Interest + MI left
- $1,522,876
- First ends
- Dec 2035
New loan
New conventional
$9,907/mo
+$5,805/mo- Down payment
- $137,925
- Funds due
- $158,604
- Interest + MI left
- $1,876,107
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,075 | $294,075 | $1,237,075 |
| Second mortgage | — | $943,000 | — |
| First P&I | $3,008.03 | $3,008.03 | $8,565.26 |
| Second P&I | — | $6,755.77 | — |
| Mortgage insurance | — | — | $247.42 |
| Taxes, insurance & HOA | $1,094.08 | $1,094.08 | $1,094.08 |
| Total housing payment | $4,102.11 | $10,857.88 | $9,906.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$137,925
Closing costs & prepaids$25,540
Usable credit−$0
Total buyer cash needed$163,465
Earnest money paid−$0
Remaining funds due$163,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,470.38
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)$2,452.25
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$19.50
Prepaid interest, second (1 days)$200.23
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 closing9 yr 1 moOf the original 15-year loan at 2.420%
Interest already paid$53,966Through Nov 2026
Assumption only · ends Dec 2035$33,800
Assumption + second · ends Dec 2035, second Dec 2056$1,522,876
New conventional · ends Dec 2056$1,876,107