Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,428/mo
Lowest payment- Down payment
- $88,243
- Funds due
- $109,711
- Interest + MI left
- $1,072,878
- First ends
- Jan 2054
Assumption
Assumption + second
$6,866/mo
+$438/mo- Down payment
- $45,243
- Funds due
- $68,045
- Interest + MI left
- $1,187,619
- First ends
- Jan 2054
New loan
New conventional
$6,567/mo
+$139/mo- Down payment
- $45,243
- Funds due
- $61,450
- Interest + MI left
- $1,245,606
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $805,757 | $805,757 | $848,757 |
| Second mortgage | — | $43,000 | — |
| First P&I | $5,780.42 | $5,780.42 | $5,749.78 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | — | — | $169.75 |
| Taxes, insurance & HOA | $647.58 | $647.58 | $647.58 |
| Total housing payment | $6,428.00 | $6,866.17 | $6,567.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,243
Closing costs & prepaids$22,802
Usable credit−$0
Total buyer cash needed$68,045
Earnest money paid−$0
Remaining funds due$68,045
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,028.78
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)$1,072.75
Initial HOA (3 months)$219.99
Prepaid interest, first (6 days)$988.10
Prepaid interest, second (6 days)$83.94
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 closing27 yr 1 moOf the original 30-year loan at 7.46%
Interest already paid$178,121Through Dec 2026
Assumption only · ends Jan 2054$1,072,878
Assumption + second · ends Jan 2054, second Jan 2057$1,187,619
New conventional · ends Jan 2057$1,245,606