Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$10,252/mo
Lowest payment- Down payment
- $1,587,134
- Funds due
- $1,635,283
- Interest + MI left
- $1,451,317
- First ends
- Sep 2053
Assumption
Assumption + second
$19,544/mo
+$9,292/mo- Down payment
- $290,134
- Funds due
- $342,012
- Interest + MI left
- $3,499,389
- First ends
- Sep 2053
New loan
New conventional
$19,843/mo
+$9,591/mo- Down payment
- $290,134
- Funds due
- $330,550
- Interest + MI left
- $3,816,056
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,312,866 | $1,312,866 | $2,609,866 |
| Second mortgage | — | $1,297,000 | — |
| First P&I | $8,611.16 | $8,611.16 | $17,680.14 |
| Second P&I | — | $9,291.87 | — |
| Mortgage insurance | — | — | $521.97 |
| Taxes, insurance & HOA | $1,640.67 | $1,640.67 | $1,640.67 |
| Total housing payment | $10,251.83 | $19,543.70 | $19,842.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$290,134
Closing costs & prepaids$51,877
Usable credit−$0
Total buyer cash needed$342,012
Earnest money paid−$0
Remaining funds due$342,012
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$29,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,564.33
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)$3,480.00
Initial HOA (3 months)$792.00
Prepaid interest, first (9 days)$2,094.47
Prepaid interest, second (9 days)$2,478.51
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 9 moOf the original 30-year loan at 6.47%
Interest already paid$282,059Through Dec 2026
Assumption only · ends Sep 2053$1,451,317
Assumption + second · ends Sep 2053, second Jan 2057$3,499,389
New conventional · ends Jan 2057$3,816,056