Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,048/mo
Lowest payment- Down payment
- $867,565
- Funds due
- $897,382
- Interest + MI left
- $929,602
- First ends
- Jun 2054
Assumption
Assumption + second
$11,084/mo
+$5,036/mo- Down payment
- $164,565
- Funds due
- $196,975
- Interest + MI left
- $2,039,698
- First ends
- Jun 2054
New loan
New conventional
$11,200/mo
+$5,152/mo- Down payment
- $164,565
- Funds due
- $189,389
- Interest + MI left
- $2,164,641
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $777,435 | $777,435 | $1,480,435 |
| Second mortgage | — | $703,000 | — |
| First P&I | $5,172.84 | $5,172.84 | $10,028.98 |
| Second P&I | — | $5,036.38 | — |
| Mortgage insurance | — | — | $296.09 |
| Taxes, insurance & HOA | $874.67 | $874.67 | $874.67 |
| Total housing payment | $6,047.51 | $11,083.89 | $11,199.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$164,565
Closing costs & prepaids$32,411
Usable credit−$0
Total buyer cash needed$196,975
Earnest money paid−$0
Remaining funds due$196,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,887.18
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)$1,974.00
Prepaid interest, first (9 days)$1,288.20
Prepaid interest, second (9 days)$1,343.40
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 6 moOf the original 30-year loan at 6.72%
Interest already paid$132,621Through Dec 2026
Assumption only · ends Jun 2054$929,602
Assumption + second · ends Jun 2054, second Jan 2057$2,039,698
New conventional · ends Jan 2057$2,164,641