Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,881/mo
Lowest payment- Down payment
- $851,488
- Funds due
- $878,077
- Interest + MI left
- $753,870
- First ends
- Jan 2056
Assumption
Assumption + second
$9,910/mo
+$5,029/mo- Down payment
- $149,488
- Funds due
- $177,625
- Interest + MI left
- $1,862,387
- First ends
- Jan 2056
New loan
New conventional
$10,452/mo
+$5,571/mo- Down payment
- $149,488
- Funds due
- $170,920
- Interest + MI left
- $2,032,977
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $638,512 | $638,512 | $1,340,512 |
| Second mortgage | — | $702,000 | — |
| First P&I | $3,978.23 | $3,978.23 | $9,281.43 |
| Second P&I | — | $5,029.21 | — |
| Mortgage insurance | — | — | $268.10 |
| Taxes, insurance & HOA | $902.92 | $902.92 | $902.92 |
| Total housing payment | $4,881.15 | $9,910.37 | $10,452.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$149,488
Closing costs & prepaids$28,137
Usable credit−$0
Total buyer cash needed$177,625
Earnest money paid−$0
Remaining funds due$177,625
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,192.56
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)$1,024.75
Initial HOA (3 months)$1,034.01
Prepaid interest, first (2 days)$219.37
Prepaid interest, second (2 days)$298.11
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 closing29 yr 2 moOf the original 30-year loan at 6.270%
Interest already paid$33,543Through Nov 2026
Assumption only · ends Jan 2056$753,870
Assumption + second · ends Jan 2056, second Dec 2056$1,862,387
New conventional · ends Dec 2056$2,032,977