Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,766/mo
Lowest payment- Down payment
- $842,260
- Funds due
- $862,898
- Interest + MI left
- $353,426
- First ends
- Jan 2054
Assumption
Assumption + second
$8,010/mo
+$5,244/mo- Down payment
- $110,260
- Funds due
- $132,459
- Interest + MI left
- $1,509,316
- First ends
- Jan 2054
New loan
New conventional
$7,942/mo
+$5,176/mo- Down payment
- $110,260
- Funds due
- $128,007
- Interest + MI left
- $1,501,007
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,740 | $257,740 | $989,740 |
| Second mortgage | — | $732,000 | — |
| First P&I | $1,874.74 | $1,874.74 | $6,852.76 |
| Second P&I | — | $5,244.14 | — |
| Mortgage insurance | — | — | $197.95 |
| Taxes, insurance & HOA | $891.25 | $891.25 | $891.25 |
| Total housing payment | $2,766.00 | $8,010.13 | $7,941.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,260
Closing costs & prepaids$22,199
Usable credit−$0
Total buyer cash needed$132,459
Earnest money paid−$0
Remaining funds due$132,459
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,288.70
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)$1,103.75
Initial HOA (3 months)$920.01
Prepaid interest, first (2 days)$107.62
Prepaid interest, second (2 days)$310.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 7.620%
Interest already paid$56,481Through Nov 2026
Assumption only · ends Jan 2054$353,426
Assumption + second · ends Jan 2054, second Dec 2056$1,509,316
New conventional · ends Dec 2056$1,501,007