Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,999/mo
Lowest payment- Down payment
- $1,029,832
- Funds due
- $1,064,072
- Interest + MI left
- $333,751
- First ends
- Oct 2050
Assumption
Assumption + second
$12,045/mo
+$6,047/mo- Down payment
- $185,832
- Funds due
- $221,680
- Interest + MI left
- $1,666,498
- First ends
- Oct 2050
New loan
New conventional
$13,834/mo
+$7,835/mo- Down payment
- $185,832
- Funds due
- $213,858
- Interest + MI left
- $2,523,823
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $820,168 | $820,168 | $1,664,168 |
| Second mortgage | — | $844,000 | — |
| First P&I | $4,020.63 | $4,020.63 | $11,522.36 |
| Second P&I | — | $6,046.52 | — |
| Mortgage insurance | — | — | $332.83 |
| Taxes, insurance & HOA | $1,978.33 | $1,978.33 | $1,978.33 |
| Total housing payment | $5,998.96 | $12,045.48 | $13,833.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$185,832
Closing costs & prepaids$35,848
Usable credit−$0
Total buyer cash needed$221,680
Earnest money paid−$0
Remaining funds due$221,680
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,100.84
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)$4,625.00
Initial HOA (3 months)$660.00
Prepaid interest, first (2 days)$136.17
Prepaid interest, second (2 days)$358.41
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 closing23 yr 11 moOf the original 30-year loan at 3.030%
Interest already paid$163,674Through Nov 2026
Assumption only · ends Oct 2050$333,751
Assumption + second · ends Oct 2050, second Dec 2056$1,666,498
New conventional · ends Dec 2056$2,523,823