Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,979/mo
Lowest payment- Down payment
- $265,443
- Funds due
- $291,409
- Interest + MI left
- $1,137,111
- First ends
- Oct 2054
Assumption
Assumption + second
$8,058/mo
+$1,079/mo- Down payment
- $118,443
- Funds due
- $145,949
- Interest + MI left
- $1,378,419
- First ends
- Oct 2054
New loan
New conventional
$8,220/mo
+$1,241/mo- Down payment
- $118,443
- Funds due
- $138,209
- Interest + MI left
- $1,544,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $909,557 | $909,557 | $1,056,557 |
| Second mortgage | — | $147,000 | — |
| First P&I | $6,127.75 | $6,127.75 | $7,157.49 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $211.31 |
| Taxes, insurance & HOA | $851.67 | $851.67 | $851.67 |
| Total housing payment | $6,979.42 | $8,058.05 | $8,220.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$118,443
Closing costs & prepaids$27,506
Usable credit−$0
Total buyer cash needed$145,949
Earnest money paid−$0
Remaining funds due$145,949
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,547.78
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)$1,410.00
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$1,545.25
Prepaid interest, second (9 days)$289.97
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 10 moOf the original 30-year loan at 6.89%
Interest already paid$137,512Through Dec 2026
Assumption only · ends Oct 2054$1,137,111
Assumption + second · ends Oct 2054, second Jan 2057$1,378,419
New conventional · ends Jan 2057$1,544,861