Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,327/mo
Lowest payment- Down payment
- $1,145,260
- Funds due
- $1,175,692
- Interest + MI left
- $822,306
- First ends
- Jul 2054
Assumption
Assumption + second
$12,255/mo
+$6,928/mo- Down payment
- $178,260
- Funds due
- $211,790
- Interest + MI left
- $2,349,280
- First ends
- Jul 2054
New loan
New conventional
$12,092/mo
+$6,765/mo- Down payment
- $178,260
- Funds due
- $204,661
- Interest + MI left
- $2,340,547
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $633,740 | $633,740 | $1,600,740 |
| Second mortgage | — | $967,000 | — |
| First P&I | $4,398.93 | $4,398.93 | $10,843.97 |
| Second P&I | — | $6,927.71 | — |
| Mortgage insurance | — | — | $320.15 |
| Taxes, insurance & HOA | $928.25 | $928.25 | $928.25 |
| Total housing payment | $5,327.18 | $12,254.89 | $12,092.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$178,260
Closing costs & prepaids$33,530
Usable credit−$0
Total buyer cash needed$211,790
Earnest money paid−$0
Remaining funds due$211,790
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,168.70
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)$2,134.75
Prepaid interest, first (9 days)$1,120.42
Prepaid interest, second (9 days)$1,847.90
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 closing27 yr 7 moOf the original 30-year loan at 7.17%
Interest already paid$111,309Through Dec 2026
Assumption only · ends Jul 2054$822,306
Assumption + second · ends Jul 2054, second Jan 2057$2,349,280
New conventional · ends Jan 2057$2,340,547