Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,838/mo
Lowest payment- Down payment
- $842,498
- Funds due
- $863,728
- Interest + MI left
- $351,790
- First ends
- Jan 2054
Assumption
Assumption + second
$8,082/mo
+$5,244/mo- Down payment
- $110,498
- Funds due
- $134,377
- Interest + MI left
- $1,507,679
- First ends
- Jan 2054
New loan
New conventional
$7,864/mo
+$5,026/mo- Down payment
- $110,498
- Funds due
- $129,810
- Interest + MI left
- $1,446,816
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,502 | $257,502 | $989,502 |
| Second mortgage | — | $732,000 | — |
| First P&I | $1,874.74 | $1,874.74 | $6,703.23 |
| Second P&I | — | $5,244.14 | — |
| Mortgage insurance | — | — | $197.90 |
| Taxes, insurance & HOA | $963.34 | $963.34 | $963.34 |
| Total housing payment | $2,838.08 | $8,082.22 | $7,864.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,498
Closing costs & prepaids$23,878
Usable credit−$0
Total buyer cash needed$134,377
Earnest money paid−$0
Remaining funds due$134,377
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,287.51
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)$1,320.00
Initial HOA (3 months)$920.01
Prepaid interest, first (9 days)$483.82
Prepaid interest, second (9 days)$1,398.82
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 1 moOf the original 30-year loan at 7.62%
Interest already paid$58,118Through Dec 2026
Assumption only · ends Jan 2054$351,790
Assumption + second · ends Jan 2054, second Jan 2057$1,507,679
New conventional · ends Jan 2057$1,446,816