Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,447/mo
Lowest payment- Down payment
- $341,940
- Funds due
- $365,859
- Interest + MI left
- $1,035,893
- First ends
- Mar 2054
Assumption
Assumption + second
$8,045/mo
+$1,598/mo- Down payment
- $118,940
- Funds due
- $144,157
- Interest + MI left
- $1,388,029
- First ends
- Mar 2054
New loan
New conventional
$8,293/mo
+$1,846/mo- Down payment
- $118,940
- Funds due
- $136,742
- Interest + MI left
- $1,609,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $838,060 | $838,060 | $1,061,060 |
| Second mortgage | — | $223,000 | — |
| First P&I | $5,713.27 | $5,713.27 | $7,346.57 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | — | — | $212.21 |
| Taxes, insurance & HOA | $733.83 | $733.83 | $733.83 |
| Total housing payment | $6,447.11 | $8,044.71 | $8,292.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$118,940
Closing costs & prepaids$25,217
Usable credit−$0
Total buyer cash needed$144,157
Earnest money paid−$0
Remaining funds due$144,157
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,190.30
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)$1,131.50
Initial HOA (3 months)$420.00
Prepaid interest, first (1 days)$159.58
Prepaid interest, second (1 days)$47.35
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 closing27 yr 4 moOf the original 30-year loan at 6.950%
Interest already paid$157,785Through Nov 2026
Assumption only · ends Mar 2054$1,035,893
Assumption + second · ends Mar 2054, second Dec 2056$1,388,029
New conventional · ends Dec 2056$1,609,169