Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,592/mo
Lowest payment- Down payment
- $172,519
- Funds due
- $195,806
- Interest + MI left
- $992,921
- First ends
- Jun 2054
Assumption
Assumption + second
$7,172/mo
+$579/mo- Down payment
- $100,519
- Funds due
- $125,092
- Interest + MI left
- $1,129,480
- First ends
- Jun 2054
New loan
New conventional
$7,500/mo
+$908/mo- Down payment
- $100,519
- Funds due
- $117,931
- Interest + MI left
- $1,363,972
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $827,381 | $827,381 | $899,381 |
| Second mortgage | — | $72,000 | — |
| First P&I | $5,499.40 | $5,499.40 | $6,227.13 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $179.88 |
| Taxes, insurance & HOA | $1,092.92 | $1,092.92 | $1,092.92 |
| Total housing payment | $6,592.32 | $7,171.65 | $7,499.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,519
Closing costs & prepaids$24,573
Usable credit−$0
Total buyer cash needed$125,092
Earnest money paid−$0
Remaining funds due$125,092
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,136.90
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)$2,499.75
Initial HOA (3 months)$129.00
Prepaid interest, first (2 days)$304.66
Prepaid interest, second (2 days)$35.51
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 closing27 yr 7 moOf the original 30-year loan at 6.720%
Interest already paid$136,360Through Nov 2026
Assumption only · ends Jun 2054$992,921
Assumption + second · ends Jun 2054, second Dec 2056$1,129,480
New conventional · ends Dec 2056$1,363,972