Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,506/mo
Lowest payment- Down payment
- $117,420
- Funds due
- $139,646
- Interest + MI left
- $1,128,184
- First ends
- Dec 2054
Assumption
Assumption + second
$7,148/mo
+$642/mo- Down payment
- $54,420
- Funds due
- $77,917
- Interest + MI left
- $1,296,293
- First ends
- Dec 2054
New loan
New conventional
$7,587/mo
+$1,081/mo- Down payment
- $54,420
- Funds due
- $70,557
- Interest + MI left
- $1,553,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $957,580 | $957,580 | $1,020,580 |
| Second mortgage | — | $63,000 | — |
| First P&I | $6,189.21 | $6,189.21 | $7,066.29 |
| Second P&I | — | $641.97 | — |
| Mortgage insurance | — | — | $204.12 |
| Taxes, insurance & HOA | $316.50 | $316.50 | $316.50 |
| Total housing payment | $6,505.71 | $7,147.68 | $7,586.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,420
Closing costs & prepaids$23,496
Usable credit−$0
Total buyer cash needed$77,917
Earnest money paid−$0
Remaining funds due$77,917
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,787.90
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)$50.50
Initial HOA (3 months)$249.00
Prepaid interest, first (1 days)$170.53
Prepaid interest, second (1 days)$20.50
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$120,732Through Nov 2026
Assumption only · ends Dec 2054$1,128,184
Assumption + second · ends Dec 2054, second Dec 2056$1,296,293
New conventional · ends Dec 2056$1,553,085