Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,896/mo
Lowest payment- Down payment
- $837,305
- Funds due
- $863,182
- Interest + MI left
- $707,022
- First ends
- Sep 2054
Assumption
Assumption + second
$9,889/mo
+$4,993/mo- Down payment
- $140,305
- Funds due
- $167,728
- Interest + MI left
- $1,807,644
- First ends
- Sep 2054
New loan
New conventional
$10,067/mo
+$5,172/mo- Down payment
- $140,305
- Funds due
- $161,470
- Interest + MI left
- $1,910,242
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $562,583 | $562,583 | $1,259,583 |
| Second mortgage | — | $697,000 | — |
| First P&I | $3,801.21 | $3,801.21 | $8,721.10 |
| Second P&I | — | $4,993.39 | — |
| Mortgage insurance | — | — | $251.92 |
| Taxes, insurance & HOA | $1,094.42 | $1,094.42 | $1,094.42 |
| Total housing payment | $4,895.63 | $9,889.02 | $10,067.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,305
Closing costs & prepaids$27,422
Usable credit−$0
Total buyer cash needed$167,728
Earnest money paid−$0
Remaining funds due$167,728
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,998.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,812.91
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)$2,426.25
Initial HOA (3 months)$207.00
Prepaid interest, first (2 days)$213.32
Prepaid interest, second (2 days)$295.99
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 closing27 yr 10 moOf the original 30-year loan at 6.920%
Interest already paid$85,419Through Nov 2026
Assumption only · ends Sep 2054$707,022
Assumption + second · ends Sep 2054, second Dec 2056$1,807,644
New conventional · ends Dec 2056$1,910,242