Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,815/mo
Lowest payment- Down payment
- $84,191
- Funds due
- $103,581
- Interest + MI left
- $750,167
- First ends
- Dec 2054
Assumption
Assumption + second
$5,274/mo
+$459/mo- Down payment
- $39,191
- Funds due
- $59,962
- Interest + MI left
- $870,245
- First ends
- Dec 2054
New loan
New conventional
$5,658/mo
+$843/mo- Down payment
- $39,191
- Funds due
- $54,207
- Interest + MI left
- $1,079,848
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $690,809 | $690,809 | $735,809 |
| Second mortgage | — | $45,000 | — |
| First P&I | $4,288.62 | $4,288.62 | $4,984.63 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $147.16 |
| Taxes, insurance & HOA | $526.67 | $526.67 | $526.67 |
| Total housing payment | $4,815.29 | $5,273.84 | $5,658.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,191
Closing costs & prepaids$20,771
Usable credit−$0
Total buyer cash needed$59,962
Earnest money paid−$0
Remaining funds due$59,962
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,454.04
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)$930.00
Prepaid interest, first (9 days)$1,037.35
Prepaid interest, second (9 days)$131.76
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 6.09%
Interest already paid$85,282Through Dec 2026
Assumption only · ends Dec 2054$750,167
Assumption + second · ends Dec 2054, second Jan 2057$870,245
New conventional · ends Jan 2057$1,079,848