Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,646/mo
Lowest payment- Down payment
- $224,230
- Funds due
- $252,533
- Interest + MI left
- $1,446,258
- First ends
- Feb 2054
Assumption
Assumption + second
$9,362/mo
+$716/mo- Down payment
- $135,230
- Funds due
- $164,915
- Interest + MI left
- $1,615,059
- First ends
- Feb 2054
New loan
New conventional
$9,229/mo
+$583/mo- Down payment
- $135,230
- Funds due
- $155,856
- Interest + MI left
- $1,776,195
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,125,770 | $1,125,770 | $1,214,770 |
| Second mortgage | — | $89,000 | — |
| First P&I | $7,889.65 | $7,889.65 | $8,229.28 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $242.95 |
| Taxes, insurance & HOA | $756.67 | $756.67 | $756.67 |
| Total housing payment | $8,646.32 | $9,362.44 | $9,228.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,230
Closing costs & prepaids$29,685
Usable credit−$0
Total buyer cash needed$164,915
Earnest money paid−$0
Remaining funds due$164,915
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%)$5,628.85
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)$1,336.12
Prepaid interest, second (6 days)$131.67
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 closing27 yr 2 moOf the original 30-year loan at 7.22%
Interest already paid$234,018Through Dec 2026
Assumption only · ends Feb 2054$1,446,258
Assumption + second · ends Feb 2054, second Jan 2057$1,615,059
New conventional · ends Jan 2057$1,776,195