Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$10,349/mo
Lowest payment- Down payment
- $630,054
- Funds due
- $667,177
- Interest + MI left
- $1,714,904
- First ends
- Aug 2054
Assumption
Assumption + second
$13,430/mo
+$3,081/mo- Down payment
- $200,054
- Funds due
- $238,975
- Interest + MI left
- $2,393,910
- First ends
- Aug 2054
New loan
New conventional
$13,591/mo
+$3,242/mo- Down payment
- $200,054
- Funds due
- $228,115
- Interest + MI left
- $2,624,508
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,364,946 | $1,364,946 | $1,794,946 |
| Second mortgage | — | $430,000 | — |
| First P&I | $9,276.66 | $9,276.66 | $12,159.59 |
| Second P&I | — | $3,080.57 | — |
| Mortgage insurance | — | — | $358.99 |
| Taxes, insurance & HOA | $1,072.67 | $1,072.67 | $1,072.67 |
| Total housing payment | $10,349.32 | $13,429.90 | $13,591.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$200,054
Closing costs & prepaids$38,920
Usable credit−$0
Total buyer cash needed$238,975
Earnest money paid−$0
Remaining funds due$238,975
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%)$6,824.73
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
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$1,561.65
Prepaid interest, second (6 days)$547.81
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 8 moOf the original 30-year loan at 6.96%
Interest already paid$224,692Through Dec 2026
Assumption only · ends Aug 2054$1,714,904
Assumption + second · ends Aug 2054, second Jan 2057$2,393,910
New conventional · ends Jan 2057$2,624,508