Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,889/mo
Lowest payment- Down payment
- $246,795
- Funds due
- $278,285
- Interest + MI left
- $1,505,175
- First ends
- Feb 2056
Assumption
Assumption + second
$9,621/mo
+$732/mo- Down payment
- $155,795
- Funds due
- $188,670
- Interest + MI left
- $1,677,769
- First ends
- Feb 2056
New loan
New conventional
$10,584/mo
+$1,696/mo- Down payment
- $155,795
- Funds due
- $178,749
- Interest + MI left
- $2,037,096
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,302,205 | $1,302,205 | $1,393,205 |
| Second mortgage | — | $91,000 | — |
| First P&I | $8,021.09 | $8,021.09 | $9,438.06 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $278.64 |
| Taxes, insurance & HOA | $867.58 | $867.58 | $867.58 |
| Total housing payment | $8,888.67 | $9,620.87 | $10,584.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$155,795
Closing costs & prepaids$32,875
Usable credit−$0
Total buyer cash needed$188,670
Earnest money paid−$0
Remaining funds due$188,670
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,511.03
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)$1,858.75
Initial HOA (3 months)$93.99
Prepaid interest, first (6 days)$1,318.62
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 closing29 yr 2 moOf the original 30-year loan at 6.16%
Interest already paid$67,216Through Dec 2026
Assumption only · ends Feb 2056$1,505,175
Assumption + second · ends Feb 2056, second Jan 2057$1,677,769
New conventional · ends Jan 2057$2,037,096