Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,554/mo
Lowest payment- Down payment
- $71,293
- Funds due
- $93,416
- Interest + MI left
- $1,087,175
- First ends
- Aug 2055
Assumption
Assumption + second
$6,809/mo
+$255/mo- Down payment
- $46,293
- Funds due
- $69,683
- Interest + MI left
- $1,153,885
- First ends
- Aug 2055
New loan
New conventional
$7,145/mo
+$592/mo- Down payment
- $46,293
- Funds due
- $62,978
- Interest + MI left
- $1,321,970
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $843,707 | $843,707 | $868,707 |
| Second mortgage | — | $25,000 | — |
| First P&I | $5,596.76 | $5,596.76 | $6,014.75 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $173.74 |
| Taxes, insurance & HOA | $957.00 | $957.00 | $957.00 |
| Total housing payment | $6,553.76 | $6,808.51 | $7,145.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,293
Closing costs & prepaids$23,390
Usable credit−$0
Total buyer cash needed$69,683
Earnest money paid−$0
Remaining funds due$69,683
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,218.54
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)$1,711.00
Initial HOA (3 months)$510.00
Prepaid interest, first (2 days)$316.22
Prepaid interest, second (2 days)$16.27
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 yr 9 moOf the original 30-year loan at 6.840%
Interest already paid$72,659Through Nov 2026
Assumption only · ends Aug 2055$1,087,175
Assumption + second · ends Aug 2055, second Dec 2056$1,153,885
New conventional · ends Dec 2056$1,321,970