Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,965/mo
Lowest payment- Down payment
- $102,197
- Funds due
- $127,890
- Interest + MI left
- $1,339,917
- First ends
- Nov 2054
Assumption
Assumption + second
$8,363/mo
+$397/mo- Down payment
- $63,197
- Funds due
- $90,153
- Interest + MI left
- $1,443,985
- First ends
- Nov 2054
New loan
New conventional
$9,015/mo
+$1,050/mo- Down payment
- $63,197
- Funds due
- $81,764
- Interest + MI left
- $1,805,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,147,703 | $1,147,703 | $1,186,703 |
| Second mortgage | — | $39,000 | — |
| First P&I | $7,403.63 | $7,403.63 | $8,216.49 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $237.34 |
| Taxes, insurance & HOA | $561.50 | $561.50 | $561.50 |
| Total housing payment | $7,965.13 | $8,362.54 | $9,015.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,197
Closing costs & prepaids$26,956
Usable credit−$0
Total buyer cash needed$90,153
Earnest money paid−$0
Remaining funds due$90,153
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,738.52
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)$1,034.50
Prepaid interest, first (1 days)$203.44
Prepaid interest, second (1 days)$12.69
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 closing28 yrOf the original 30-year loan at 6.470%
Interest already paid$150,390Through Nov 2026
Assumption only · ends Nov 2054$1,339,917
Assumption + second · ends Nov 2054, second Dec 2056$1,443,985
New conventional · ends Dec 2056$1,805,886