Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,550/mo
Lowest payment- Down payment
- $1,085,377
- Funds due
- $1,123,733
- Interest + MI left
- $1,394,950
- First ends
- Feb 2055
Assumption
Assumption + second
$14,747/mo
+$6,197/mo- Down payment
- $220,377
- Funds due
- $261,636
- Interest + MI left
- $2,760,858
- First ends
- Feb 2055
New loan
New conventional
$14,911/mo
+$6,362/mo- Down payment
- $220,377
- Funds due
- $251,813
- Interest + MI left
- $2,887,225
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,109,623 | $1,109,623 | $1,974,623 |
| Second mortgage | — | $865,000 | — |
| First P&I | $7,409.98 | $7,409.98 | $13,376.78 |
| Second P&I | — | $6,196.97 | — |
| Mortgage insurance | — | — | $394.92 |
| Taxes, insurance & HOA | $1,139.59 | $1,139.59 | $1,139.59 |
| Total housing payment | $8,549.57 | $14,746.53 | $14,911.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$220,377
Closing costs & prepaids$41,259
Usable credit−$0
Total buyer cash needed$261,636
Earnest money paid−$0
Remaining funds due$261,636
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$21,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,548.12
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)$2,634.00
Initial HOA (3 months)$134.76
Prepaid interest, first (9 days)$1,871.46
Prepaid interest, second (9 days)$1,652.98
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 closing28 yr 2 moOf the original 30-year loan at 6.84%
Interest already paid$140,643Through Dec 2026
Assumption only · ends Feb 2055$1,394,950
Assumption + second · ends Feb 2055, second Jan 2057$2,760,858
New conventional · ends Jan 2057$2,887,225