Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$10,911/mo
Lowest payment- Down payment
- $304,589
- Funds due
- $340,440
- Interest + MI left
- $1,873,616
- First ends
- Jun 2055
Assumption
Assumption + second
$11,828/mo
+$917/mo- Down payment
- $179,589
- Funds due
- $216,854
- Interest + MI left
- $2,078,810
- First ends
- Jun 2055
New loan
New conventional
$12,341/mo
+$1,430/mo- Down payment
- $179,589
- Funds due
- $205,649
- Interest + MI left
- $2,361,998
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,490,411 | $1,490,411 | $1,615,411 |
| Second mortgage | — | $125,000 | — |
| First P&I | $9,836.33 | $9,836.33 | $10,943.36 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $323.08 |
| Taxes, insurance & HOA | $1,074.67 | $1,074.67 | $1,074.67 |
| Total housing payment | $10,911.00 | $11,828.21 | $12,341.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$179,589
Closing costs & prepaids$37,265
Usable credit−$0
Total buyer cash needed$216,854
Earnest money paid−$0
Remaining funds due$216,854
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$7,452.05
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)$2,154.00
Initial HOA (3 months)$420.00
Prepaid interest, first (6 days)$1,656.19
Prepaid interest, second (6 days)$164.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing28 yr 6 moOf the original 30-year loan at 6.76%
Interest already paid$152,465Through Dec 2026
Assumption only · ends Jun 2055$1,873,616
Assumption + second · ends Jun 2055, second Jan 2057$2,078,810
New conventional · ends Jan 2057$2,361,998