Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,566/mo
Lowest payment- Down payment
- $854,193
- Funds due
- $872,445
- Interest + MI left
- $13,925
- First ends
- Aug 2031
Assumption
Assumption + second
$8,018/mo
+$5,452/mo- Down payment
- $93,193
- Funds due
- $113,018
- Interest + MI left
- $1,215,608
- First ends
- Aug 2031
New loan
New conventional
$6,953/mo
+$4,387/mo- Down payment
- $93,193
- Funds due
- $109,650
- Interest + MI left
- $1,269,074
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,807 | $75,807 | $836,807 |
| Second mortgage | — | $761,000 | — |
| First P&I | $1,574.25 | $1,574.25 | $5,793.88 |
| Second P&I | — | $5,451.90 | — |
| Mortgage insurance | — | — | $167.36 |
| Taxes, insurance & HOA | $991.67 | $991.67 | $991.67 |
| Total housing payment | $2,565.91 | $8,017.81 | $6,952.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,193
Closing costs & prepaids$19,825
Usable credit−$0
Total buyer cash needed$113,018
Earnest money paid−$0
Remaining funds due$113,018
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$379.03
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)$2,325.00
Prepaid interest, first (2 days)$29.91
Prepaid interest, second (2 days)$323.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing4 yr 9 moOf the original 30-year loan at 7.200%
Interest already paid$320,883Through Nov 2026
Assumption only · ends Aug 2031$13,925
Assumption + second · ends Aug 2031, second Dec 2056$1,215,608
New conventional · ends Dec 2056$1,269,074