Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,571/mo
Lowest payment- Down payment
- $971,179
- Funds due
- $999,125
- Interest + MI left
- $624,501
- First ends
- Jun 2056
Assumption
Assumption + second
$10,453/mo
+$5,882/mo- Down payment
- $150,179
- Funds due
- $180,944
- Interest + MI left
- $1,920,929
- First ends
- Jun 2056
New loan
New conventional
$10,719/mo
+$6,148/mo- Down payment
- $150,179
- Funds due
- $174,775
- Interest + MI left
- $1,970,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,821 | $526,821 | $1,347,821 |
| Second mortgage | — | $821,000 | — |
| First P&I | $3,252.32 | $3,252.32 | $9,130.61 |
| Second P&I | — | $5,881.74 | — |
| Mortgage insurance | — | — | $269.56 |
| Taxes, insurance & HOA | $1,318.83 | $1,318.83 | $1,318.83 |
| Total housing payment | $4,571.16 | $10,452.90 | $10,719.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$150,179
Closing costs & prepaids$30,765
Usable credit−$0
Total buyer cash needed$180,944
Earnest money paid−$0
Remaining funds due$180,944
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,634.11
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)$1,797.50
Initial HOA (3 months)$1,509.00
Prepaid interest, first (9 days)$807.98
Prepaid interest, second (9 days)$1,568.90
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 6 moOf the original 30-year loan at 6.22%
Interest already paid$16,440Through Dec 2026
Assumption only · ends Jun 2056$624,501
Assumption + second · ends Jun 2056, second Jan 2057$1,920,929
New conventional · ends Jan 2057$1,970,737