Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,922/mo
Lowest payment- Down payment
- $177,073
- Funds due
- $197,356
- Interest + MI left
- $810,559
- First ends
- Dec 2055
Assumption
Assumption + second
$5,638/mo
+$716/mo- Down payment
- $88,073
- Funds due
- $109,738
- Interest + MI left
- $979,361
- First ends
- Dec 2055
New loan
New conventional
$6,076/mo
+$1,154/mo- Down payment
- $88,073
- Funds due
- $103,409
- Interest + MI left
- $1,150,617
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $697,927 | $697,927 | $786,927 |
| Second mortgage | — | $89,000 | — |
| First P&I | $4,334.73 | $4,334.73 | $5,330.92 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $157.39 |
| Taxes, insurance & HOA | $587.50 | $587.50 | $587.50 |
| Total housing payment | $4,922.23 | $5,638.34 | $6,075.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,073
Closing costs & prepaids$21,665
Usable credit−$0
Total buyer cash needed$109,738
Earnest money paid−$0
Remaining funds due$109,738
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,489.64
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)$1,050.00
Initial HOA (3 months)$62.49
Prepaid interest, first (6 days)$713.61
Prepaid interest, second (6 days)$131.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 yrOf the original 30-year loan at 6.22%
Interest already paid$43,694Through Dec 2026
Assumption only · ends Dec 2055$810,559
Assumption + second · ends Dec 2055, second Jan 2057$979,361
New conventional · ends Jan 2057$1,150,617