Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,425/mo
Lowest payment- Down payment
- $165,319
- Funds due
- $190,131
- Interest + MI left
- $1,084,514
- First ends
- Jun 2056
Assumption
Assumption + second
$6,867/mo
+$443/mo- Down payment
- $110,319
- Funds due
- $136,503
- Interest + MI left
- $1,188,830
- First ends
- Jun 2056
New loan
New conventional
$7,623/mo
+$1,198/mo- Down payment
- $110,319
- Funds due
- $128,905
- Interest + MI left
- $1,447,077
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $934,681 | $934,681 | $989,681 |
| Second mortgage | — | $55,000 | — |
| First P&I | $5,703.94 | $5,703.94 | $6,704.44 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $197.94 |
| Taxes, insurance & HOA | $720.67 | $720.67 | $720.67 |
| Total housing payment | $6,424.61 | $6,867.15 | $7,623.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,319
Closing costs & prepaids$26,184
Usable credit−$0
Total buyer cash needed$136,503
Earnest money paid−$0
Remaining funds due$136,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,673.40
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)$1,320.00
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$1,408.17
Prepaid interest, second (9 days)$122.05
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 closing29 yr 6 moOf the original 30-year loan at 6.11%
Interest already paid$28,654Through Dec 2026
Assumption only · ends Jun 2056$1,084,514
Assumption + second · ends Jun 2056, second Jan 2057$1,188,830
New conventional · ends Jan 2057$1,447,077