Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,556/mo
Lowest payment- Down payment
- $238,744
- Funds due
- $266,050
- Interest + MI left
- $1,294,980
- First ends
- Nov 2055
Assumption
Assumption + second
$8,349/mo
+$792/mo- Down payment
- $130,744
- Funds due
- $159,442
- Interest + MI left
- $1,472,268
- First ends
- Nov 2055
New loan
New conventional
$8,921/mo
+$1,364/mo- Down payment
- $130,744
- Funds due
- $150,889
- Interest + MI left
- $1,709,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,061,256 | $1,061,256 | $1,169,256 |
| Second mortgage | — | $108,000 | — |
| First P&I | $6,790.31 | $6,790.31 | $7,920.95 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $233.85 |
| Taxes, insurance & HOA | $765.84 | $765.84 | $765.84 |
| Total housing payment | $7,556.14 | $8,348.61 | $8,920.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,744
Closing costs & prepaids$28,698
Usable credit−$0
Total buyer cash needed$159,442
Earnest money paid−$0
Remaining funds due$159,442
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,306.28
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)$1,560.00
Initial HOA (3 months)$87.51
Prepaid interest, first (6 days)$1,133.94
Prepaid interest, second (6 days)$142.03
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$75,230Through Dec 2026
Assumption only · ends Nov 2055$1,294,980
Assumption + second · ends Nov 2055, second Jan 2057$1,472,268
New conventional · ends Jan 2057$1,709,646