Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$10,571/mo
Lowest payment- Down payment
- $840,119
- Funds due
- $883,180
- Interest + MI left
- $1,468,238
- First ends
- Jan 2056
Assumption
Assumption + second
$15,084/mo
+$4,513/mo- Down payment
- $210,119
- Funds due
- $255,633
- Interest + MI left
- $2,463,061
- First ends
- Jan 2056
New loan
New conventional
$15,934/mo
+$5,364/mo- Down payment
- $210,119
- Funds due
- $245,400
- Interest + MI left
- $2,763,319
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,259,881 | $1,259,881 | $1,889,881 |
| Second mortgage | — | $630,000 | — |
| First P&I | $7,816.96 | $7,816.96 | $12,802.71 |
| Second P&I | — | $4,513.40 | — |
| Mortgage insurance | — | — | $377.98 |
| Taxes, insurance & HOA | $2,753.67 | $2,753.67 | $2,753.67 |
| Total housing payment | $10,570.63 | $15,084.02 | $15,934.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$210,119
Closing costs & prepaids$45,515
Usable credit−$0
Total buyer cash needed$255,633
Earnest money paid−$0
Remaining funds due$255,633
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$21,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,299.41
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)$2,520.00
Initial HOA (3 months)$5,091.00
Prepaid interest, first (9 days)$1,932.28
Prepaid interest, second (9 days)$1,203.90
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 closing29 yr 1 moOf the original 30-year loan at 6.22%
Interest already paid$72,265Through Dec 2026
Assumption only · ends Jan 2056$1,468,238
Assumption + second · ends Jan 2056, second Jan 2057$2,463,061
New conventional · ends Jan 2057$2,763,319