Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,231/mo
Lowest payment- Down payment
- $842,542
- Funds due
- $873,198
- Interest + MI left
- $1,000,260
- First ends
- Mar 2056
Assumption
Assumption + second
$11,053/mo
+$4,821/mo- Down payment
- $169,542
- Funds due
- $202,448
- Interest + MI left
- $2,062,983
- First ends
- Mar 2056
New loan
New conventional
$11,592/mo
+$5,361/mo- Down payment
- $169,542
- Funds due
- $194,531
- Interest + MI left
- $2,230,472
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $852,458 | $852,458 | $1,525,458 |
| Second mortgage | — | $673,000 | — |
| First P&I | $5,278.40 | $5,278.40 | $10,333.98 |
| Second P&I | — | $4,821.45 | — |
| Mortgage insurance | — | — | $305.09 |
| Taxes, insurance & HOA | $953.00 | $953.00 | $953.00 |
| Total housing payment | $6,231.40 | $11,052.85 | $11,592.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$169,542
Closing costs & prepaids$32,906
Usable credit−$0
Total buyer cash needed$202,448
Earnest money paid−$0
Remaining funds due$202,448
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,262.29
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)$2,034.00
Initial HOA (3 months)$174.99
Prepaid interest, first (7 days)$1,016.88
Prepaid interest, second (7 days)$1,000.28
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 closing29 yr 3 moOf the original 30-year loan at 6.22%
Interest already paid$39,964Through Dec 2026
Assumption only · ends Mar 2056$1,000,260
Assumption + second · ends Mar 2056, second Jan 2057$2,062,983
New conventional · ends Jan 2057$2,230,472