Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,671/mo
Lowest payment- Down payment
- $308,347
- Funds due
- $335,512
- Interest + MI left
- $1,059,821
- First ends
- Jun 2056
Assumption
Assumption + second
$7,904/mo
+$1,233/mo- Down payment
- $140,347
- Funds due
- $168,836
- Interest + MI left
- $1,335,602
- First ends
- Jun 2056
New loan
New conventional
$9,580/mo
+$2,909/mo- Down payment
- $140,347
- Funds due
- $160,059
- Interest + MI left
- $1,908,832
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,090,653 | $1,090,653 | $1,258,653 |
| Second mortgage | — | $168,000 | — |
| First P&I | $6,057.67 | $6,057.67 | $8,714.66 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $251.73 |
| Taxes, insurance & HOA | $613.50 | $613.50 | $613.50 |
| Total housing payment | $6,671.17 | $7,903.90 | $9,579.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,347
Closing costs & prepaids$28,489
Usable credit−$0
Total buyer cash needed$168,836
Earnest money paid−$0
Remaining funds due$168,836
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%)$5,453.27
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)$665.50
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$313.75
Prepaid interest, second (2 days)$73.64
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 closing29 yr 7 moOf the original 30-year loan at 5.250%
Interest already paid$23,942Through Nov 2026
Assumption only · ends Jun 2056$1,059,821
Assumption + second · ends Jun 2056, second Dec 2056$1,335,602
New conventional · ends Dec 2056$1,908,832