Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,273/mo
Lowest payment- Down payment
- $391,274
- Funds due
- $417,160
- Interest + MI left
- $1,002,674
- First ends
- Nov 2054
Assumption
Assumption + second
$8,179/mo
+$1,906/mo- Down payment
- $125,274
- Funds due
- $152,919
- Interest + MI left
- $1,422,710
- First ends
- Nov 2054
New loan
New conventional
$8,561/mo
+$2,288/mo- Down payment
- $125,274
- Funds due
- $145,437
- Interest + MI left
- $1,644,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $858,725 | $858,725 | $1,124,725 |
| Second mortgage | — | $266,000 | — |
| First P&I | $5,556.41 | $5,556.41 | $7,619.28 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | — | — | $224.95 |
| Taxes, insurance & HOA | $716.67 | $716.67 | $716.67 |
| Total housing payment | $6,273.08 | $8,178.74 | $8,560.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,274
Closing costs & prepaids$27,644
Usable credit−$0
Total buyer cash needed$152,919
Earnest money paid−$0
Remaining funds due$152,919
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,293.62
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)$1,374.19
Prepaid interest, second (9 days)$508.32
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 6.49%
Interest already paid$117,635Through Dec 2026
Assumption only · ends Nov 2054$1,002,674
Assumption + second · ends Nov 2054, second Jan 2057$1,422,710
New conventional · ends Jan 2057$1,644,534