Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,200/mo
Lowest payment- Down payment
- $965,099
- Funds due
- $983,642
- Interest + MI left
- $103,182
- First ends
- Oct 2054
Assumption
Assumption + second
$7,361/mo
+$6,161/mo- Down payment
- $105,099
- Funds due
- $126,535
- Interest + MI left
- $1,461,194
- First ends
- Oct 2054
New loan
New conventional
$7,227/mo
+$6,027/mo- Down payment
- $105,099
- Funds due
- $122,906
- Interest + MI left
- $1,381,602
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,901 | $84,901 | $944,901 |
| Second mortgage | — | $860,000 | — |
| First P&I | $563.12 | $563.12 | $6,401.09 |
| Second P&I | — | $6,161.15 | — |
| Mortgage insurance | — | — | $188.98 |
| Taxes, insurance & HOA | $636.67 | $636.67 | $636.67 |
| Total housing payment | $1,199.79 | $7,360.94 | $7,226.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,099
Closing costs & prepaids$21,437
Usable credit−$0
Total buyer cash needed$126,535
Earnest money paid−$0
Remaining funds due$126,535
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$424.51
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)$1,260.00
Prepaid interest, first (9 days)$140.89
Prepaid interest, second (9 days)$1,643.42
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 10 moOf the original 30-year loan at 6.73%
Interest already paid$12,543Through Dec 2026
Assumption only · ends Oct 2054$103,182
Assumption + second · ends Oct 2054, second Jan 2057$1,461,194
New conventional · ends Jan 2057$1,381,602