Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$9,382/mo
Lowest payment- Down payment
- $1,090,896
- Funds due
- $1,130,408
- Interest + MI left
- $1,536,137
- First ends
- Oct 2056
Assumption
Assumption + second
$15,622/mo
+$6,240/mo- Down payment
- $219,896
- Funds due
- $261,028
- Interest + MI left
- $2,911,519
- First ends
- Oct 2056
New loan
New conventional
$16,076/mo
+$6,694/mo- Down payment
- $219,896
- Funds due
- $251,296
- Interest + MI left
- $2,987,795
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,099,104 | $1,099,104 | $1,970,104 |
| Second mortgage | — | $871,000 | — |
| First P&I | $7,340.50 | $7,340.50 | $13,640.60 |
| Second P&I | — | $6,239.95 | — |
| Mortgage insurance | — | — | $394.02 |
| Taxes, insurance & HOA | $2,041.67 | $2,041.67 | $2,041.67 |
| Total housing payment | $9,382.17 | $15,622.12 | $16,076.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$219,896
Closing costs & prepaids$41,132
Usable credit−$0
Total buyer cash needed$261,028
Earnest money paid−$0
Remaining funds due$261,028
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$21,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,495.52
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)$5,475.00
Prepaid interest, first (2 days)$423.38
Prepaid interest, second (2 days)$369.88
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 11 moOf the original 30-year loan at 7.030%
Interest already paid$6,444Through Nov 2026
Assumption only · ends Oct 2056$1,536,137
Assumption + second · ends Oct 2056, second Dec 2056$2,911,519
New conventional · ends Dec 2056$2,987,795