Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$9,647/mo
Lowest payment- Down payment
- $518,377
- Funds due
- $552,675
- Interest + MI left
- $1,715,189
- First ends
- Oct 2055
Assumption
Assumption + second
$11,976/mo
+$2,328/mo- Down payment
- $193,377
- Funds due
- $229,063
- Interest + MI left
- $2,228,391
- First ends
- Oct 2055
New loan
New conventional
$12,982/mo
+$3,335/mo- Down payment
- $193,377
- Funds due
- $218,121
- Interest + MI left
- $2,624,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,405,623 | $1,405,623 | $1,730,623 |
| Second mortgage | — | $325,000 | — |
| First P&I | $8,993.70 | $8,993.70 | $11,982.48 |
| Second P&I | — | $2,328.34 | — |
| Mortgage insurance | — | — | $346.12 |
| Taxes, insurance & HOA | $653.75 | $653.75 | $653.75 |
| Total housing payment | $9,647.45 | $11,975.79 | $12,982.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$193,377
Closing costs & prepaids$35,686
Usable credit−$0
Total buyer cash needed$229,063
Earnest money paid−$0
Remaining funds due$229,063
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$19,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$7,028.12
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)$951.25
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$500.63
Prepaid interest, second (2 days)$138.01
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 closing28 yr 11 moOf the original 30-year loan at 6.500%
Interest already paid$99,641Through Nov 2026
Assumption only · ends Oct 2055$1,715,189
Assumption + second · ends Oct 2055, second Dec 2056$2,228,391
New conventional · ends Dec 2056$2,624,606