Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,455/mo
Lowest payment- Down payment
- $272,234
- Funds due
- $291,748
- Interest + MI left
- $719,352
- First ends
- Jul 2054
Assumption
Assumption + second
$5,827/mo
+$1,372/mo- Down payment
- $85,234
- Funds due
- $106,367
- Interest + MI left
- $1,026,322
- First ends
- Jul 2054
New loan
New conventional
$5,845/mo
+$1,391/mo- Down payment
- $85,234
- Funds due
- $100,602
- Interest + MI left
- $1,109,295
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $571,666 | $571,666 | $758,666 |
| Second mortgage | — | $187,000 | — |
| First P&I | $3,900.35 | $3,900.35 | $5,139.47 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | — | — | $151.73 |
| Taxes, insurance & HOA | $554.25 | $554.25 | $554.25 |
| Total housing payment | $4,454.60 | $5,826.74 | $5,845.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,234
Closing costs & prepaids$21,132
Usable credit−$0
Total buyer cash needed$106,367
Earnest money paid−$0
Remaining funds due$106,367
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,439.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,858.33
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)$1,012.75
Prepaid interest, first (9 days)$985.30
Prepaid interest, second (9 days)$368.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.99%
Interest already paid$97,931Through Dec 2026
Assumption only · ends Jul 2054$719,352
Assumption + second · ends Jul 2054, second Jan 2057$1,026,322
New conventional · ends Jan 2057$1,109,295