Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,482/mo
Lowest payment- Down payment
- $150,007
- Funds due
- $177,414
- Interest + MI left
- $1,008,208
- First ends
- Apr 2053
Assumption
Assumption + second
$7,699/mo
+$217/mo- Down payment
- $123,007
- Funds due
- $151,724
- Interest + MI left
- $1,059,418
- First ends
- Apr 2053
New loan
New conventional
$8,594/mo
+$1,112/mo- Down payment
- $123,007
- Funds due
- $143,433
- Interest + MI left
- $1,618,607
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,079,993 | $1,079,993 | $1,106,993 |
| Second mortgage | — | $27,000 | — |
| First P&I | $6,608.23 | $6,608.23 | $7,499.16 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $221.40 |
| Taxes, insurance & HOA | $873.67 | $873.67 | $873.67 |
| Total housing payment | $7,481.90 | $7,699.15 | $8,594.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$123,007
Closing costs & prepaids$28,717
Usable credit−$0
Total buyer cash needed$151,724
Earnest money paid−$0
Remaining funds due$151,724
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,399.96
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)$1,476.00
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$1,517.91
Prepaid interest, second (9 days)$59.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing26 yr 4 moOf the original 30-year loan at 5.7%
Interest already paid$232,191Through Dec 2026
Assumption only · ends Apr 2053$1,008,208
Assumption + second · ends Apr 2053, second Jan 2057$1,059,418
New conventional · ends Jan 2057$1,618,607