Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,704/mo
Lowest payment- Down payment
- $80,108
- Funds due
- $104,111
- Interest + MI left
- $1,093,249
- First ends
- May 2055
Assumption
Assumption + second
$7,009/mo
+$306/mo- Down payment
- $50,108
- Funds due
- $75,448
- Interest + MI left
- $1,173,301
- First ends
- May 2055
New loan
New conventional
$7,405/mo
+$701/mo- Down payment
- $50,108
- Funds due
- $68,449
- Interest + MI left
- $1,386,691
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $914,892 | $914,892 | $944,892 |
| Second mortgage | — | $30,000 | — |
| First P&I | $5,888.98 | $5,888.98 | $6,401.03 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $188.98 |
| Taxes, insurance & HOA | $814.67 | $814.67 | $814.67 |
| Total housing payment | $6,703.64 | $7,009.34 | $7,404.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,108
Closing costs & prepaids$25,341
Usable credit−$0
Total buyer cash needed$75,448
Earnest money paid−$0
Remaining funds due$75,448
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,574.46
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)$1,194.00
Initial HOA (3 months)$600.00
Prepaid interest, first (9 days)$1,466.33
Prepaid interest, second (9 days)$87.84
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 yr 5 moOf the original 30-year loan at 6.5%
Interest already paid$95,083Through Dec 2026
Assumption only · ends May 2055$1,093,249
Assumption + second · ends May 2055, second Jan 2057$1,173,301
New conventional · ends Jan 2057$1,386,691