Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,076/mo
Lowest payment- Down payment
- $257,596
- Funds due
- $278,712
- Interest + MI left
- $802,746
- First ends
- Oct 2054
Assumption
Assumption + second
$6,301/mo
+$1,225/mo- Down payment
- $90,596
- Funds due
- $113,292
- Interest + MI left
- $1,076,886
- First ends
- Oct 2054
New loan
New conventional
$6,393/mo
+$1,317/mo- Down payment
- $90,596
- Funds due
- $107,144
- Interest + MI left
- $1,183,044
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $642,104 | $642,104 | $809,104 |
| Second mortgage | — | $167,000 | — |
| First P&I | $4,325.90 | $4,325.90 | $5,481.15 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | — | — | $161.82 |
| Taxes, insurance & HOA | $749.91 | $749.91 | $749.91 |
| Total housing payment | $5,075.81 | $6,301.20 | $6,392.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,596
Closing costs & prepaids$22,696
Usable credit−$0
Total buyer cash needed$113,292
Earnest money paid−$0
Remaining funds due$113,292
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,997.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,210.52
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)$1,079.75
Initial HOA (3 months)$519.99
Prepaid interest, first (9 days)$1,090.87
Prepaid interest, second (9 days)$329.42
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 6.89%
Interest already paid$97,077Through Dec 2026
Assumption only · ends Oct 2054$802,746
Assumption + second · ends Oct 2054, second Jan 2057$1,076,886
New conventional · ends Jan 2057$1,183,044