Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,009/mo
Lowest payment- Down payment
- $309,633
- Funds due
- $338,902
- Interest + MI left
- $1,055,050
- First ends
- Jun 2056
Assumption
Assumption + second
$8,249/mo
+$1,240/mo- Down payment
- $140,633
- Funds due
- $171,485
- Interest + MI left
- $1,332,472
- First ends
- Jun 2056
New loan
New conventional
$9,728/mo
+$2,719/mo- Down payment
- $140,633
- Funds due
- $163,073
- Interest + MI left
- $1,839,941
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,089,367 | $1,089,367 | $1,258,367 |
| Second mortgage | — | $169,000 | — |
| First P&I | $6,057.67 | $6,057.67 | $8,524.62 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $251.67 |
| Taxes, insurance & HOA | $951.25 | $951.25 | $951.25 |
| Total housing payment | $7,008.92 | $8,248.99 | $9,727.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,633
Closing costs & prepaids$30,852
Usable credit−$0
Total buyer cash needed$171,485
Earnest money paid−$0
Remaining funds due$171,485
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,446.84
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)$1,678.75
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$1,410.21
Prepaid interest, second (9 days)$333.37
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 5.25%
Interest already paid$28,713Through Dec 2026
Assumption only · ends Jun 2056$1,055,050
Assumption + second · ends Jun 2056, second Jan 2057$1,332,472
New conventional · ends Jan 2057$1,839,941