Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,802/mo
Lowest payment- Down payment
- $200,674
- Funds due
- $226,871
- Interest + MI left
- $1,243,452
- First ends
- Apr 2054
Assumption
Assumption + second
$8,405/mo
+$603/mo- Down payment
- $125,674
- Funds due
- $153,158
- Interest + MI left
- $1,385,700
- First ends
- Apr 2054
New loan
New conventional
$8,842/mo
+$1,041/mo- Down payment
- $125,674
- Funds due
- $144,646
- Interest + MI left
- $1,705,116
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,049,326 | $1,049,326 | $1,124,326 |
| Second mortgage | — | $75,000 | — |
| First P&I | $6,968.93 | $6,968.93 | $7,784.61 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $224.87 |
| Taxes, insurance & HOA | $832.58 | $832.58 | $832.58 |
| Total housing payment | $7,801.51 | $8,404.98 | $8,842.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,674
Closing costs & prepaids$27,484
Usable credit−$0
Total buyer cash needed$153,158
Earnest money paid−$0
Remaining funds due$153,158
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,246.63
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)$1,165.00
Initial HOA (3 months)$682.74
Prepaid interest, first (2 days)$384.66
Prepaid interest, second (2 days)$36.99
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 5 moOf the original 30-year loan at 6.690%
Interest already paid$184,263Through Nov 2026
Assumption only · ends Apr 2054$1,243,452
Assumption + second · ends Apr 2054, second Dec 2056$1,385,700
New conventional · ends Dec 2056$1,705,116