Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,563/mo
Lowest payment- Down payment
- $704,609
- Funds due
- $735,550
- Interest + MI left
- $1,103,070
- First ends
- Aug 2053
Assumption
Assumption + second
$11,374/mo
+$3,811/mo- Down payment
- $172,609
- Funds due
- $204,913
- Interest + MI left
- $1,943,142
- First ends
- Aug 2053
New loan
New conventional
$12,007/mo
+$4,444/mo- Down payment
- $172,609
- Funds due
- $196,067
- Interest + MI left
- $2,354,305
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,020,391 | $1,020,391 | $1,552,391 |
| Second mortgage | — | $532,000 | — |
| First P&I | $6,615.14 | $6,615.14 | $10,748.44 |
| Second P&I | — | $3,811.31 | — |
| Mortgage insurance | — | — | $310.48 |
| Taxes, insurance & HOA | $948.00 | $948.00 | $948.00 |
| Total housing payment | $7,563.14 | $11,374.46 | $12,006.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$172,609
Closing costs & prepaids$32,304
Usable credit−$0
Total buyer cash needed$204,913
Earnest money paid−$0
Remaining funds due$204,913
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,101.96
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)$1,564.00
Initial HOA (3 months)$630.00
Prepaid interest, first (1 days)$177.52
Prepaid interest, second (1 days)$112.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing26 yr 9 moOf the original 30-year loan at 6.350%
Interest already paid$215,257Through Nov 2026
Assumption only · ends Aug 2053$1,103,070
Assumption + second · ends Aug 2053, second Dec 2056$1,943,142
New conventional · ends Dec 2056$2,354,305