Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,822/mo
Lowest payment- Down payment
- $476,513
- Funds due
- $507,194
- Interest + MI left
- $1,468,827
- First ends
- Apr 2054
Assumption
Assumption + second
$11,036/mo
+$2,214/mo- Down payment
- $167,513
- Funds due
- $199,510
- Interest + MI left
- $1,956,764
- First ends
- Apr 2054
New loan
New conventional
$11,454/mo
+$2,632/mo- Down payment
- $167,513
- Funds due
- $189,814
- Interest + MI left
- $2,286,205
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,198,487 | $1,198,487 | $1,507,487 |
| Second mortgage | — | $309,000 | — |
| First P&I | $8,107.34 | $8,107.34 | $10,437.54 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | — | — | $301.50 |
| Taxes, insurance & HOA | $715.08 | $715.08 | $715.08 |
| Total housing payment | $8,822.42 | $11,036.14 | $11,454.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$167,513
Closing costs & prepaids$31,997
Usable credit−$0
Total buyer cash needed$199,510
Earnest money paid−$0
Remaining funds due$199,510
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,992.44
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)$1,420.25
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$225.91
Prepaid interest, second (1 days)$65.61
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 6.880%
Interest already paid$216,315Through Nov 2026
Assumption only · ends Apr 2054$1,468,827
Assumption + second · ends Apr 2054, second Dec 2056$1,956,764
New conventional · ends Dec 2056$2,286,205