Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,535/mo
Lowest payment- Down payment
- $954,994
- Funds due
- $994,500
- Interest + MI left
- $566,328
- First ends
- Jan 2052
Assumption
Assumption + second
$12,721/mo
+$5,187/mo- Down payment
- $230,994
- Funds due
- $272,672
- Interest + MI left
- $1,709,585
- First ends
- Jan 2052
New loan
New conventional
$15,615/mo
+$8,080/mo- Down payment
- $230,994
- Funds due
- $262,455
- Interest + MI left
- $3,025,229
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,345,006 | $1,345,006 | $2,069,006 |
| Second mortgage | — | $724,000 | — |
| First P&I | $6,349.94 | $6,349.94 | $14,016.17 |
| Second P&I | — | $5,186.82 | — |
| Mortgage insurance | — | — | $413.80 |
| Taxes, insurance & HOA | $1,184.59 | $1,184.59 | $1,184.59 |
| Total housing payment | $7,534.53 | $12,721.36 | $15,614.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$230,994
Closing costs & prepaids$41,678
Usable credit−$0
Total buyer cash needed$272,672
Earnest money paid−$0
Remaining funds due$272,672
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$23,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,725.03
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)$2,760.00
Initial HOA (3 months)$143.76
Prepaid interest, first (6 days)$658.87
Prepaid interest, second (6 days)$922.36
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 closing25 yr 1 moOf the original 30-year loan at 2.98%
Interest already paid$209,652Through Dec 2026
Assumption only · ends Jan 2052$566,328
Assumption + second · ends Jan 2052, second Jan 2057$1,709,585
New conventional · ends Jan 2057$3,025,229