Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$9,655/mo
Lowest payment- Down payment
- $594,078
- Funds due
- $630,579
- Interest + MI left
- $1,296,108
- First ends
- Jan 2053
Assumption
Assumption + second
$12,564/mo
+$2,909/mo- Down payment
- $188,078
- Funds due
- $226,433
- Interest + MI left
- $1,937,216
- First ends
- Jan 2053
New loan
New conventional
$13,187/mo
+$3,532/mo- Down payment
- $188,078
- Funds due
- $216,310
- Interest + MI left
- $2,466,559
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,280,922 | $1,280,922 | $1,686,922 |
| Second mortgage | — | $406,000 | — |
| First P&I | $8,233.32 | $8,233.32 | $11,427.80 |
| Second P&I | — | $2,908.63 | — |
| Mortgage insurance | — | — | $337.38 |
| Taxes, insurance & HOA | $1,421.67 | $1,421.67 | $1,421.67 |
| Total housing payment | $9,654.99 | $12,563.62 | $13,186.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$188,078
Closing costs & prepaids$38,354
Usable credit−$0
Total buyer cash needed$226,433
Earnest money paid−$0
Remaining funds due$226,433
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,404.61
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)$2,250.00
Initial HOA (3 months)$1,365.00
Prepaid interest, first (7 days)$1,513.24
Prepaid interest, second (7 days)$603.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing26 yr 1 moOf the original 30-year loan at 6.16%
Interest already paid$317,888Through Dec 2026
Assumption only · ends Jan 2053$1,296,108
Assumption + second · ends Jan 2053, second Jan 2057$1,937,216
New conventional · ends Jan 2057$2,466,559