Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,213/mo
Lowest payment- Down payment
- $303,615
- Funds due
- $330,510
- Interest + MI left
- $1,164,391
- First ends
- Nov 2054
Assumption
Assumption + second
$8,482/mo
+$1,269/mo- Down payment
- $130,615
- Funds due
- $158,987
- Interest + MI left
- $1,448,380
- First ends
- Nov 2054
New loan
New conventional
$8,914/mo
+$1,702/mo- Down payment
- $130,615
- Funds due
- $150,749
- Interest + MI left
- $1,708,372
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $995,385 | $995,385 | $1,168,385 |
| Second mortgage | — | $173,000 | — |
| First P&I | $6,447.09 | $6,447.09 | $7,915.05 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $233.68 |
| Taxes, insurance & HOA | $765.42 | $765.42 | $765.42 |
| Total housing payment | $7,212.51 | $8,481.93 | $8,914.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,615
Closing costs & prepaids$28,372
Usable credit−$0
Total buyer cash needed$158,987
Earnest money paid−$0
Remaining funds due$158,987
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,976.93
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)$1,558.75
Initial HOA (3 months)$87.51
Prepaid interest, first (6 days)$1,063.56
Prepaid interest, second (6 days)$227.51
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 closing27 yr 11 moOf the original 30-year loan at 6.5%
Interest already paid$136,562Through Dec 2026
Assumption only · ends Nov 2054$1,164,391
Assumption + second · ends Nov 2054, second Jan 2057$1,448,380
New conventional · ends Jan 2057$1,708,372