Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$9,259/mo
Lowest payment- Down payment
- $220,470
- Funds due
- $250,914
- Interest + MI left
- $1,619,234
- First ends
- Apr 2055
Assumption
Assumption + second
$9,838/mo
+$579/mo- Down payment
- $148,470
- Funds due
- $180,270
- Interest + MI left
- $1,755,792
- First ends
- Apr 2055
New loan
New conventional
$10,058/mo
+$799/mo- Down payment
- $148,470
- Funds due
- $170,496
- Interest + MI left
- $1,939,606
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,254,530 | $1,254,530 | $1,326,530 |
| Second mortgage | — | $72,000 | — |
| First P&I | $8,452.25 | $8,452.25 | $8,986.38 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $265.31 |
| Taxes, insurance & HOA | $806.67 | $806.67 | $806.67 |
| Total housing payment | $9,258.91 | $9,838.24 | $10,058.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$148,470
Closing costs & prepaids$31,800
Usable credit−$0
Total buyer cash needed$180,270
Earnest money paid−$0
Remaining funds due$180,270
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,272.65
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)$1,770.00
Prepaid interest, first (6 days)$1,433.26
Prepaid interest, second (6 days)$106.52
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 closing28 yr 4 moOf the original 30-year loan at 6.95%
Interest already paid$146,700Through Dec 2026
Assumption only · ends Apr 2055$1,619,234
Assumption + second · ends Apr 2055, second Jan 2057$1,755,792
New conventional · ends Jan 2057$1,939,606