Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$9,051/mo
Lowest payment- Down payment
- $784,618
- Funds due
- $822,881
- Interest + MI left
- $1,499,939
- First ends
- Apr 2056
Assumption
Assumption + second
$13,164/mo
+$4,112/mo- Down payment
- $210,618
- Funds due
- $251,228
- Interest + MI left
- $2,406,333
- First ends
- Apr 2056
New loan
New conventional
$14,226/mo
+$5,175/mo- Down payment
- $210,618
- Funds due
- $240,789
- Interest + MI left
- $2,761,127
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,314,382 | $1,314,382 | $1,888,382 |
| Second mortgage | — | $574,000 | — |
| First P&I | $7,995.23 | $7,995.23 | $12,792.56 |
| Second P&I | — | $4,112.21 | — |
| Mortgage insurance | — | — | $377.68 |
| Taxes, insurance & HOA | $1,056.25 | $1,056.25 | $1,056.25 |
| Total housing payment | $9,051.48 | $13,163.68 | $14,226.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$210,618
Closing costs & prepaids$40,610
Usable credit−$0
Total buyer cash needed$251,228
Earnest money paid−$0
Remaining funds due$251,228
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$20,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,571.91
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)$2,518.75
Prepaid interest, first (9 days)$1,964.01
Prepaid interest, second (9 days)$1,096.89
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 closing29 yr 4 moOf the original 30-year loan at 6.06%
Interest already paid$53,344Through Dec 2026
Assumption only · ends Apr 2056$1,499,939
Assumption + second · ends Apr 2056, second Jan 2057$2,406,333
New conventional · ends Jan 2057$2,761,127