Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,403/mo
Lowest payment- Down payment
- $202,774
- Funds due
- $223,873
- Interest + MI left
- $783,300
- First ends
- Nov 2054
Assumption
Assumption + second
$6,247/mo
+$844/mo- Down payment
- $87,774
- Funds due
- $110,174
- Interest + MI left
- $972,078
- First ends
- Nov 2054
New loan
New conventional
$6,658/mo
+$1,255/mo- Down payment
- $87,774
- Funds due
- $103,945
- Interest + MI left
- $1,186,291
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $667,221 | $667,221 | $782,221 |
| Second mortgage | — | $115,000 | — |
| First P&I | $4,317.02 | $4,317.02 | $5,415.94 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $156.44 |
| Taxes, insurance & HOA | $1,085.67 | $1,085.67 | $1,085.67 |
| Total housing payment | $5,402.69 | $6,246.52 | $6,658.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,774
Closing costs & prepaids$22,399
Usable credit−$0
Total buyer cash needed$110,174
Earnest money paid−$0
Remaining funds due$110,174
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,699.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,336.10
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)$2,175.00
Initial HOA (3 months)$432.00
Prepaid interest, first (2 days)$237.64
Prepaid interest, second (2 days)$50.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.500%
Interest already paid$87,829Through Nov 2026
Assumption only · ends Nov 2054$783,300
Assumption + second · ends Nov 2054, second Dec 2056$972,078
New conventional · ends Dec 2056$1,186,291