Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$9,238/mo
Lowest payment- Down payment
- $402,449
- Funds due
- $439,128
- Interest + MI left
- $926,946
- First ends
- Jun 2052
Assumption
Assumption + second
$10,721/mo
+$1,483/mo- Down payment
- $195,449
- Funds due
- $233,465
- Interest + MI left
- $1,253,816
- First ends
- Jun 2052
New loan
New conventional
$13,677/mo
+$4,439/mo- Down payment
- $195,449
- Funds due
- $222,014
- Interest + MI left
- $2,660,895
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,547,551 | $1,547,551 | $1,754,551 |
| Second mortgage | — | $207,000 | — |
| First P&I | $8,060.25 | $8,060.25 | $12,148.16 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $350.91 |
| Taxes, insurance & HOA | $1,177.83 | $1,177.83 | $1,177.83 |
| Total housing payment | $9,238.08 | $10,721.06 | $13,676.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$195,449
Closing costs & prepaids$38,016
Usable credit−$0
Total buyer cash needed$233,465
Earnest money paid−$0
Remaining funds due$233,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$19,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$7,737.75
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)$2,883.50
Prepaid interest, first (2 days)$339.19
Prepaid interest, second (2 days)$87.90
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 closing25 yr 7 moOf the original 30-year loan at 4.000%
Interest already paid$286,434Through Nov 2026
Assumption only · ends Jun 2052$926,946
Assumption + second · ends Jun 2052, second Dec 2056$1,253,816
New conventional · ends Dec 2056$2,660,895