Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,384/mo
Lowest payment- Down payment
- $1,072,869
- Funds due
- $1,109,395
- Interest + MI left
- $898,789
- First ends
- Sep 2052
Assumption
Assumption + second
$13,566/mo
+$6,183/mo- Down payment
- $209,869
- Funds due
- $249,295
- Interest + MI left
- $2,261,538
- First ends
- Sep 2052
New loan
New conventional
$14,315/mo
+$6,931/mo- Down payment
- $209,869
- Funds due
- $240,334
- Interest + MI left
- $2,756,373
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,022,131 | $1,022,131 | $1,885,131 |
| Second mortgage | — | $863,000 | — |
| First P&I | $6,216.57 | $6,216.57 | $12,770.53 |
| Second P&I | — | $6,182.64 | — |
| Mortgage insurance | — | — | $377.03 |
| Taxes, insurance & HOA | $1,167.17 | $1,167.17 | $1,167.17 |
| Total housing payment | $7,383.73 | $13,566.37 | $14,314.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$209,869
Closing costs & prepaids$39,426
Usable credit−$0
Total buyer cash needed$249,295
Earnest money paid−$0
Remaining funds due$249,295
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$20,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,110.65
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)$2,514.00
Initial HOA (3 months)$337.50
Prepaid interest, first (9 days)$1,396.26
Prepaid interest, second (9 days)$1,649.16
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 closing25 yr 9 moOf the original 30-year loan at 5.54%
Interest already paid$249,126Through Dec 2026
Assumption only · ends Sep 2052$898,789
Assumption + second · ends Sep 2052, second Jan 2057$2,261,538
New conventional · ends Jan 2057$2,756,373