Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,333/mo
Lowest payment- Down payment
- $173,123
- Funds due
- $201,614
- Interest + MI left
- $1,452,034
- First ends
- Nov 2055
Assumption
Assumption + second
$8,639/mo
+$306/mo- Down payment
- $135,123
- Funds due
- $164,920
- Interest + MI left
- $1,524,106
- First ends
- Nov 2055
New loan
New conventional
$9,230/mo
+$897/mo- Down payment
- $135,123
- Funds due
- $155,751
- Interest + MI left
- $1,776,351
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,176,877 | $1,176,877 | $1,214,877 |
| Second mortgage | — | $38,000 | — |
| First P&I | $7,576.11 | $7,576.11 | $8,230.00 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $242.98 |
| Taxes, insurance & HOA | $756.67 | $756.67 | $756.67 |
| Total housing payment | $8,332.78 | $8,638.54 | $9,229.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,123
Closing costs & prepaids$29,798
Usable credit−$0
Total buyer cash needed$164,920
Earnest money paid−$0
Remaining funds due$164,920
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,884.39
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)$1,620.00
Prepaid interest, first (6 days)$1,269.09
Prepaid interest, second (6 days)$56.22
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 11 moOf the original 30-year loan at 6.56%
Interest already paid$84,190Through Dec 2026
Assumption only · ends Nov 2055$1,452,034
Assumption + second · ends Nov 2055, second Jan 2057$1,524,106
New conventional · ends Jan 2057$1,776,351