Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$12,602/mo
Lowest payment- Down payment
- $180,732
- Funds due
- $220,202
- Interest + MI left
- $1,870,601
- First ends
- Jun 2053
Assumption
Assumption + second
$13,418/mo
+$815/mo- Down payment
- $100,732
- Funds due
- $141,609
- Interest + MI left
- $2,084,073
- First ends
- Jun 2053
New loan
New conventional
$14,226/mo
+$1,624/mo- Down payment
- $100,732
- Funds due
- $129,729
- Interest + MI left
- $2,779,962
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,814,268 | $1,814,268 | $1,894,268 |
| Second mortgage | — | $80,000 | — |
| First P&I | $11,587.64 | $11,587.64 | $12,832.43 |
| Second P&I | — | $815.20 | — |
| Mortgage insurance | — | — | $378.85 |
| Taxes, insurance & HOA | $1,014.67 | $1,014.67 | $1,014.67 |
| Total housing payment | $12,602.31 | $13,417.51 | $14,225.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,732
Closing costs & prepaids$40,877
Usable credit−$0
Total buyer cash needed$141,609
Earnest money paid−$0
Remaining funds due$141,609
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$19,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$9,071.34
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)$2,394.00
Prepaid interest, first (6 days)$1,837.13
Prepaid interest, second (6 days)$156.16
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 closing26 yr 6 moOf the original 30-year loan at 6.16%
Interest already paid$400,949Through Dec 2026
Assumption only · ends Jun 2053$1,870,601
Assumption + second · ends Jun 2053, second Jan 2057$2,084,073
New conventional · ends Jan 2057$2,779,962