Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,542/mo
Lowest payment- Down payment
- $342,800
- Funds due
- $368,274
- Interest + MI left
- $1,031,040
- First ends
- Mar 2054
Assumption
Assumption + second
$8,147/mo
+$1,605/mo- Down payment
- $118,800
- Funds due
- $145,952
- Interest + MI left
- $1,384,754
- First ends
- Mar 2054
New loan
New conventional
$8,230/mo
+$1,688/mo- Down payment
- $118,800
- Funds due
- $138,552
- Interest + MI left
- $1,551,650
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $837,200 | $837,200 | $1,061,200 |
| Second mortgage | — | $224,000 | — |
| First P&I | $5,713.27 | $5,713.27 | $7,188.94 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | — | — | $212.24 |
| Taxes, insurance & HOA | $828.67 | $828.67 | $828.67 |
| Total housing payment | $6,541.94 | $8,146.70 | $8,229.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$118,800
Closing costs & prepaids$27,153
Usable credit−$0
Total buyer cash needed$145,952
Earnest money paid−$0
Remaining funds due$145,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,186.00
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)$1,416.00
Initial HOA (3 months)$420.00
Prepaid interest, first (9 days)$1,434.71
Prepaid interest, second (9 days)$428.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 6.95%
Interest already paid$162,638Through Dec 2026
Assumption only · ends Mar 2054$1,031,040
Assumption + second · ends Mar 2054, second Jan 2057$1,384,754
New conventional · ends Jan 2057$1,551,650