Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,079/mo
Lowest payment- Down payment
- $180,606
- Funds due
- $199,894
- Interest + MI left
- $840,238
- First ends
- Oct 2054
Assumption
Assumption + second
$5,843/mo
+$764/mo- Down payment
- $85,606
- Funds due
- $106,168
- Interest + MI left
- $1,020,419
- First ends
- Oct 2054
New loan
New conventional
$6,038/mo
+$960/mo- Down payment
- $85,606
- Funds due
- $99,903
- Interest + MI left
- $1,166,838
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $674,394 | $674,394 | $769,394 |
| Second mortgage | — | $95,000 | — |
| First P&I | $4,521.29 | $4,521.29 | $5,327.13 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $153.88 |
| Taxes, insurance & HOA | $557.25 | $557.25 | $557.25 |
| Total housing payment | $5,078.54 | $5,842.93 | $6,038.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,606
Closing costs & prepaids$20,562
Usable credit−$0
Total buyer cash needed$106,168
Earnest money paid−$0
Remaining funds due$106,168
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,371.97
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)$969.75
Initial HOA (3 months)$51.99
Prepaid interest, first (1 days)$126.56
Prepaid interest, second (1 days)$23.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 6.850%
Interest already paid$97,426Through Nov 2026
Assumption only · ends Oct 2054$840,238
Assumption + second · ends Oct 2054, second Dec 2056$1,020,419
New conventional · ends Dec 2056$1,166,838