Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,261/mo
Lowest payment- Down payment
- $992,311
- Funds due
- $1,021,886
- Interest + MI left
- $797,386
- First ends
- Jan 2056
Assumption
Assumption + second
$11,172/mo
+$5,910/mo- Down payment
- $167,311
- Funds due
- $199,363
- Interest + MI left
- $2,100,131
- First ends
- Jan 2056
New loan
New conventional
$11,515/mo
+$6,254/mo- Down payment
- $167,311
- Funds due
- $192,286
- Interest + MI left
- $2,197,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $677,689 | $677,689 | $1,502,689 |
| Second mortgage | — | $825,000 | — |
| First P&I | $4,226.58 | $4,226.58 | $10,179.74 |
| Second P&I | — | $5,910.40 | — |
| Mortgage insurance | — | — | $300.54 |
| Taxes, insurance & HOA | $1,034.67 | $1,034.67 | $1,034.67 |
| Total housing payment | $5,261.24 | $11,171.64 | $11,514.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$167,311
Closing costs & prepaids$32,052
Usable credit−$0
Total buyer cash needed$199,363
Earnest money paid−$0
Remaining funds due$199,363
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,388.45
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)$2,004.00
Initial HOA (3 months)$450.00
Prepaid interest, first (7 days)$814.90
Prepaid interest, second (7 days)$1,226.20
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 closing29 yr 1 moOf the original 30-year loan at 6.27%
Interest already paid$39,181Through Dec 2026
Assumption only · ends Jan 2056$797,386
Assumption + second · ends Jan 2056, second Jan 2057$2,100,131
New conventional · ends Jan 2057$2,197,180