Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,007/mo
Lowest payment- Down payment
- $78,075
- Funds due
- $101,463
- Interest + MI left
- $482,876
- First ends
- Dec 2054
Assumption
Assumption + second
$5,293/mo
+$285/mo- Down payment
- $50,075
- Funds due
- $74,795
- Interest + MI left
- $557,592
- First ends
- Dec 2054
New loan
New conventional
$7,447/mo
+$2,440/mo- Down payment
- $50,075
- Funds due
- $68,507
- Interest + MI left
- $1,392,609
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $920,925 | $920,925 | $948,925 |
| Second mortgage | — | $28,000 | — |
| First P&I | $4,177.98 | $4,177.98 | $6,428.35 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $189.79 |
| Taxes, insurance & HOA | $829.25 | $829.25 | $829.25 |
| Total housing payment | $5,007.23 | $5,292.55 | $7,447.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,075
Closing costs & prepaids$24,720
Usable credit−$0
Total buyer cash needed$74,795
Earnest money paid−$0
Remaining funds due$74,795
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,604.63
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)$1,198.75
Initial HOA (3 months)$639.00
Prepaid interest, first (9 days)$738.00
Prepaid interest, second (9 days)$81.99
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 closing28 yrOf the original 30-year loan at 3.25%
Interest already paid$61,197Through Dec 2026
Assumption only · ends Dec 2054$482,876
Assumption + second · ends Dec 2054, second Jan 2057$557,592
New conventional · ends Jan 2057$1,392,609