Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,678/mo
Lowest payment- Down payment
- $1,174,435
- Funds due
- $1,204,120
- Interest + MI left
- $270,607
- First ends
- Sep 2046
Assumption
Assumption + second
$11,763/mo
+$7,085/mo- Down payment
- $185,435
- Funds due
- $216,790
- Interest + MI left
- $1,832,321
- First ends
- Sep 2046
New loan
New conventional
$12,560/mo
+$7,883/mo- Down payment
- $185,435
- Funds due
- $209,637
- Interest + MI left
- $2,524,425
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $675,565 | $675,565 | $1,664,565 |
| Second mortgage | — | $989,000 | — |
| First P&I | $3,975.51 | $3,975.51 | $11,525.11 |
| Second P&I | — | $7,085.32 | — |
| Mortgage insurance | — | — | $332.91 |
| Taxes, insurance & HOA | $702.00 | $702.00 | $702.00 |
| Total housing payment | $4,677.51 | $11,762.82 | $12,560.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$185,435
Closing costs & prepaids$31,355
Usable credit−$0
Total buyer cash needed$216,790
Earnest money paid−$0
Remaining funds due$216,790
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%)$3,377.82
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)$1,206.00
Initial HOA (3 months)$249.99
Prepaid interest, first (2 days)$133.26
Prepaid interest, second (2 days)$419.99
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 closing19 yr 10 moOf the original 30-year loan at 3.600%
Interest already paid$286,157Through Nov 2026
Assumption only · ends Sep 2046$270,607
Assumption + second · ends Sep 2046, second Dec 2056$1,832,321
New conventional · ends Dec 2056$2,524,425