Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,524/mo
Lowest payment- Down payment
- $909,267
- Funds due
- $945,468
- Interest + MI left
- $1,506,583
- First ends
- Apr 2056
Assumption
Assumption + second
$13,438/mo
+$4,915/mo- Down payment
- $223,267
- Funds due
- $260,864
- Interest + MI left
- $2,589,835
- First ends
- Apr 2056
New loan
New conventional
$14,789/mo
+$6,265/mo- Down payment
- $223,267
- Funds due
- $250,051
- Interest + MI left
- $3,035,763
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,315,733 | $1,315,733 | $2,001,733 |
| Second mortgage | — | $686,000 | — |
| First P&I | $7,995.23 | $7,995.23 | $13,859.59 |
| Second P&I | — | $4,914.59 | — |
| Mortgage insurance | — | — | $400.35 |
| Taxes, insurance & HOA | $528.58 | $528.58 | $528.58 |
| Total housing payment | $8,523.81 | $13,438.40 | $14,788.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$223,267
Closing costs & prepaids$37,597
Usable credit−$0
Total buyer cash needed$260,864
Earnest money paid−$0
Remaining funds due$260,864
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$22,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,578.66
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)$935.75
Prepaid interest, first (1 days)$218.45
Prepaid interest, second (1 days)$145.66
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 closing29 yr 5 moOf the original 30-year loan at 6.060%
Interest already paid$46,699Through Nov 2026
Assumption only · ends Apr 2056$1,506,583
Assumption + second · ends Apr 2056, second Dec 2056$2,589,835
New conventional · ends Dec 2056$3,035,763