Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,113/mo
Lowest payment- Down payment
- $1,251,775
- Funds due
- $1,272,479
- Interest + MI left
- $303
- First ends
- Jul 2027
Assumption
Assumption + second
$12,165/mo
+$8,052/mo- Down payment
- $127,775
- Funds due
- $151,161
- Interest + MI left
- $1,775,193
- First ends
- Jul 2027
New loan
New conventional
$8,753/mo
+$4,640/mo- Down payment
- $127,775
- Funds due
- $147,631
- Interest + MI left
- $1,677,433
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $23,225 | $23,225 | $1,147,225 |
| Second mortgage | — | $1,124,000 | — |
| First P&I | $3,361.19 | $3,361.19 | $7,771.70 |
| Second P&I | — | $8,052.47 | — |
| Mortgage insurance | — | — | $229.45 |
| Taxes, insurance & HOA | $751.67 | $751.67 | $751.67 |
| Total housing payment | $4,112.86 | $12,165.33 | $8,752.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$127,775
Closing costs & prepaids$23,386
Usable credit−$0
Total buyer cash needed$151,161
Earnest money paid−$0
Remaining funds due$151,161
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$116.13
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)$1,530.00
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$14.89
Prepaid interest, second (6 days)$1,431.95
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 closing7 moOf the original 15-year loan at 3.9%
Interest already paid$147,212Through Dec 2026
Assumption only · ends Jul 2027$303
Assumption + second · ends Jul 2027, second Jan 2057$1,775,193
New conventional · ends Jan 2057$1,677,433