Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$11,013/mo
Lowest payment- Down payment
- $516,277
- Funds due
- $557,645
- Interest + MI left
- $1,386,073
- First ends
- Sep 2052
Assumption
Assumption + second
$13,134/mo
+$2,121/mo- Down payment
- $220,277
- Funds due
- $263,461
- Interest + MI left
- $1,853,482
- First ends
- Sep 2052
New loan
New conventional
$14,867/mo
+$3,854/mo- Down payment
- $220,277
- Funds due
- $251,579
- Interest + MI left
- $2,887,372
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,678,723 | $1,678,723 | $1,974,723 |
| Second mortgage | — | $296,000 | — |
| First P&I | $9,918.43 | $9,918.43 | $13,377.46 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | — | — | $394.94 |
| Taxes, insurance & HOA | $1,094.67 | $1,094.67 | $1,094.67 |
| Total housing payment | $11,013.10 | $13,133.68 | $14,867.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$220,277
Closing costs & prepaids$43,184
Usable credit−$0
Total buyer cash needed$263,461
Earnest money paid−$0
Remaining funds due$263,461
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%)$8,393.62
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)$2,634.00
Prepaid interest, first (9 days)$2,173.14
Prepaid interest, second (9 days)$565.64
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 closing25 yr 9 moOf the original 30-year loan at 5.25%
Interest already paid$388,409Through Dec 2026
Assumption only · ends Sep 2052$1,386,073
Assumption + second · ends Sep 2052, second Jan 2057$1,853,482
New conventional · ends Jan 2057$2,887,372