Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,850/mo
Lowest payment- Down payment
- $755,914
- Funds due
- $781,743
- Interest + MI left
- $517,315
- First ends
- Dec 2054
Assumption
Assumption + second
$9,407/mo
+$4,556/mo- Down payment
- $119,914
- Funds due
- $147,128
- Interest + MI left
- $1,521,612
- First ends
- Dec 2054
New loan
New conventional
$9,671/mo
+$4,821/mo- Down payment
- $119,914
- Funds due
- $141,695
- Interest + MI left
- $1,630,440
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,086 | $439,086 | $1,075,086 |
| Second mortgage | — | $636,000 | — |
| First P&I | $2,837.99 | $2,837.99 | $7,443.68 |
| Second P&I | — | $4,556.38 | — |
| Mortgage insurance | — | — | $215.02 |
| Taxes, insurance & HOA | $2,012.50 | $2,012.50 | $2,012.50 |
| Total housing payment | $4,850.49 | $9,406.87 | $9,671.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$119,914
Closing costs & prepaids$27,214
Usable credit−$0
Total buyer cash needed$147,128
Earnest money paid−$0
Remaining funds due$147,128
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,195.43
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)$2,987.50
Initial HOA (3 months)$2,400.00
Prepaid interest, first (1 days)$78.19
Prepaid interest, second (1 days)$135.04
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 closing28 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$55,360Through Nov 2026
Assumption only · ends Dec 2054$517,315
Assumption + second · ends Dec 2054, second Dec 2056$1,521,612
New conventional · ends Dec 2056$1,630,440