Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$10,634/mo
Lowest payment- Down payment
- $838,839
- Funds due
- $880,595
- Interest + MI left
- $1,474,775
- First ends
- Jan 2056
Assumption
Assumption + second
$15,134/mo
+$4,499/mo- Down payment
- $210,839
- Funds due
- $254,112
- Interest + MI left
- $2,466,440
- First ends
- Jan 2056
New loan
New conventional
$16,276/mo
+$5,641/mo- Down payment
- $210,839
- Funds due
- $243,724
- Interest + MI left
- $2,865,040
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,261,161 | $1,261,161 | $1,889,161 |
| Second mortgage | — | $628,000 | — |
| First P&I | $7,816.96 | $7,816.96 | $13,080.17 |
| Second P&I | — | $4,499.07 | — |
| Mortgage insurance | — | — | $377.83 |
| Taxes, insurance & HOA | $2,817.50 | $2,817.50 | $2,817.50 |
| Total housing payment | $10,634.46 | $15,133.53 | $16,275.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$210,839
Closing costs & prepaids$43,273
Usable credit−$0
Total buyer cash needed$254,112
Earnest money paid−$0
Remaining funds due$254,112
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$21,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,305.81
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)$2,711.50
Initial HOA (3 months)$5,091.00
Prepaid interest, first (2 days)$429.83
Prepaid interest, second (2 days)$266.68
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 2 moOf the original 30-year loan at 6.220%
Interest already paid$65,728Through Nov 2026
Assumption only · ends Jan 2056$1,474,775
Assumption + second · ends Jan 2056, second Dec 2056$2,466,440
New conventional · ends Dec 2056$2,865,040