Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,499/mo
Lowest payment- Down payment
- $1,094,992
- Funds due
- $1,131,752
- Interest + MI left
- $942,248
- First ends
- Dec 2052
Assumption
Assumption + second
$13,796/mo
+$6,297/mo- Down payment
- $215,992
- Funds due
- $255,309
- Interest + MI left
- $2,330,263
- First ends
- Dec 2052
New loan
New conventional
$14,586/mo
+$7,087/mo- Down payment
- $215,992
- Funds due
- $246,063
- Interest + MI left
- $2,827,840
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,055,008 | $1,055,008 | $1,934,008 |
| Second mortgage | — | $879,000 | — |
| First P&I | $6,401.46 | $6,401.46 | $13,101.64 |
| Second P&I | — | $6,297.26 | — |
| Mortgage insurance | — | — | $386.80 |
| Taxes, insurance & HOA | $1,097.50 | $1,097.50 | $1,097.50 |
| Total housing payment | $7,498.96 | $13,796.22 | $14,585.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$215,992
Closing costs & prepaids$39,317
Usable credit−$0
Total buyer cash needed$255,309
Earnest money paid−$0
Remaining funds due$255,309
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$21,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,275.04
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)$2,580.00
Initial HOA (3 months)$62.49
Prepaid interest, first (7 days)$1,124.96
Prepaid interest, second (7 days)$1,306.46
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 closing26 yrOf the original 30-year loan at 5.56%
Interest already paid$242,278Through Dec 2026
Assumption only · ends Dec 2052$942,248
Assumption + second · ends Dec 2052, second Jan 2057$2,330,263
New conventional · ends Jan 2057$2,827,840