Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,997/mo
Lowest payment- Down payment
- $123,766
- Funds due
- $149,809
- Interest + MI left
- $1,203,422
- First ends
- Sep 2054
Assumption
Assumption + second
$8,689/mo
+$693/mo- Down payment
- $55,766
- Funds due
- $83,081
- Interest + MI left
- $1,384,874
- First ends
- Sep 2054
New loan
New conventional
$8,910/mo
+$913/mo- Down payment
- $55,766
- Funds due
- $75,607
- Interest + MI left
- $1,589,080
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $976,233 | $976,233 | $1,044,233 |
| Second mortgage | — | $68,000 | — |
| First P&I | $6,525.91 | $6,525.91 | $7,230.06 |
| Second P&I | — | $692.92 | — |
| Mortgage insurance | — | — | $208.85 |
| Taxes, insurance & HOA | $1,470.66 | $1,470.66 | $1,470.66 |
| Total housing payment | $7,996.58 | $8,689.50 | $8,909.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,766
Closing costs & prepaids$27,315
Usable credit−$0
Total buyer cash needed$83,081
Earnest money paid−$0
Remaining funds due$83,081
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,881.17
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)$3,395.00
Initial HOA (3 months)$366.99
Prepaid interest, first (1 days)$182.14
Prepaid interest, second (1 days)$22.12
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 10 moOf the original 30-year loan at 6.810%
Interest already paid$145,907Through Nov 2026
Assumption only · ends Sep 2054$1,203,422
Assumption + second · ends Sep 2054, second Dec 2056$1,384,874
New conventional · ends Dec 2056$1,589,080