Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$11,153/mo
Lowest payment- Down payment
- $266,633
- Funds due
- $301,914
- Interest + MI left
- $1,606,217
- First ends
- Jun 2052
Assumption
Assumption + second
$11,886/mo
+$732/mo- Down payment
- $175,633
- Funds due
- $212,299
- Interest + MI left
- $1,778,811
- First ends
- Jun 2052
New loan
New conventional
$12,037/mo
+$884/mo- Down payment
- $175,633
- Funds due
- $201,180
- Interest + MI left
- $2,301,985
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,483,367 | $1,483,367 | $1,574,367 |
| Second mortgage | — | $91,000 | — |
| First P&I | $10,096.68 | $10,096.68 | $10,665.31 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $314.87 |
| Taxes, insurance & HOA | $1,056.67 | $1,056.67 | $1,056.67 |
| Total housing payment | $11,153.35 | $11,885.55 | $12,036.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$175,633
Closing costs & prepaids$36,666
Usable credit−$0
Total buyer cash needed$212,299
Earnest money paid−$0
Remaining funds due$212,299
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$7,416.84
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)$2,100.00
Initial HOA (3 months)$420.00
Prepaid interest, first (6 days)$1,626.42
Prepaid interest, second (6 days)$134.63
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 6 moOf the original 27-year loan at 6.67%
Interest already paid$150,107Through Dec 2026
Assumption only · ends Jun 2052$1,606,217
Assumption + second · ends Jun 2052, second Jan 2057$1,778,811
New conventional · ends Jan 2057$2,301,985