Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,120/mo
Lowest payment- Down payment
- $103,412
- Funds due
- $131,191
- Interest + MI left
- $1,333,729
- First ends
- Nov 2054
Assumption
Assumption + second
$8,528/mo
+$408/mo- Down payment
- $63,412
- Funds due
- $92,558
- Interest + MI left
- $1,440,465
- First ends
- Nov 2054
New loan
New conventional
$8,992/mo
+$871/mo- Down payment
- $63,412
- Funds due
- $84,302
- Interest + MI left
- $1,741,249
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,146,488 | $1,146,488 | $1,186,488 |
| Second mortgage | — | $40,000 | — |
| First P&I | $7,403.63 | $7,403.63 | $8,037.68 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $237.30 |
| Taxes, insurance & HOA | $716.67 | $716.67 | $716.67 |
| Total housing payment | $8,120.30 | $8,527.90 | $8,991.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,412
Closing costs & prepaids$29,146
Usable credit−$0
Total buyer cash needed$92,558
Earnest money paid−$0
Remaining funds due$92,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,732.44
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)$1,500.00
Prepaid interest, first (9 days)$1,829.04
Prepaid interest, second (9 days)$117.12
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 11 moOf the original 30-year loan at 6.47%
Interest already paid$156,578Through Dec 2026
Assumption only · ends Nov 2054$1,333,729
Assumption + second · ends Nov 2054, second Jan 2057$1,440,465
New conventional · ends Jan 2057$1,741,249