Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,097/mo
Lowest payment- Down payment
- $181,278
- Funds due
- $201,630
- Interest + MI left
- $836,388
- First ends
- Oct 2054
Assumption
Assumption + second
$5,862/mo
+$764/mo- Down payment
- $86,278
- Funds due
- $108,091
- Interest + MI left
- $1,016,569
- First ends
- Oct 2054
New loan
New conventional
$5,937/mo
+$840/mo- Down payment
- $86,278
- Funds due
- $101,829
- Interest + MI left
- $1,123,999
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $673,722 | $673,722 | $768,722 |
| Second mortgage | — | $95,000 | — |
| First P&I | $4,521.29 | $4,521.29 | $5,207.59 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $153.74 |
| Taxes, insurance & HOA | $576.00 | $576.00 | $576.00 |
| Total housing payment | $5,097.29 | $5,861.68 | $5,937.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$86,278
Closing costs & prepaids$21,813
Usable credit−$0
Total buyer cash needed$108,091
Earnest money paid−$0
Remaining funds due$108,091
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,368.61
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)$1,026.00
Initial HOA (3 months)$51.99
Prepaid interest, first (9 days)$1,137.94
Prepaid interest, second (9 days)$210.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 6.85%
Interest already paid$101,276Through Dec 2026
Assumption only · ends Oct 2054$836,388
Assumption + second · ends Oct 2054, second Jan 2057$1,016,569
New conventional · ends Jan 2057$1,123,999