Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,978/mo
Lowest payment- Down payment
- $957,659
- Funds due
- $986,390
- Interest + MI left
- $746,002
- First ends
- Dec 2055
Assumption
Assumption + second
$10,688/mo
+$5,710/mo- Down payment
- $160,659
- Funds due
- $192,163
- Interest + MI left
- $2,004,532
- First ends
- Dec 2055
New loan
New conventional
$11,027/mo
+$6,049/mo- Down payment
- $160,659
- Funds due
- $185,342
- Interest + MI left
- $2,104,553
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $642,340 | $642,340 | $1,439,340 |
| Second mortgage | — | $797,000 | — |
| First P&I | $3,989.49 | $3,989.49 | $9,750.59 |
| Second P&I | — | $5,709.81 | — |
| Mortgage insurance | — | — | $287.87 |
| Taxes, insurance & HOA | $988.67 | $988.67 | $988.67 |
| Total housing payment | $4,978.15 | $10,687.96 | $11,027.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$160,659
Closing costs & prepaids$31,504
Usable credit−$0
Total buyer cash needed$192,163
Earnest money paid−$0
Remaining funds due$192,163
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,211.70
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)$1,920.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$985.16
Prepaid interest, second (9 days)$1,523.03
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 closing29 yrOf the original 30-year loan at 6.22%
Interest already paid$40,214Through Dec 2026
Assumption only · ends Dec 2055$746,002
Assumption + second · ends Dec 2055, second Jan 2057$2,004,532
New conventional · ends Jan 2057$2,104,553