Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,691/mo
Lowest payment- Down payment
- $176,722
- Funds due
- $192,864
- Interest + MI left
- $584,965
- First ends
- Dec 2054
Assumption
Assumption + second
$4,490/mo
+$800/mo- Down payment
- $67,722
- Funds due
- $85,257
- Interest + MI left
- $763,895
- First ends
- Dec 2054
New loan
New conventional
$4,702/mo
+$1,011/mo- Down payment
- $67,722
- Funds due
- $80,087
- Interest + MI left
- $887,941
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $498,278 | $498,278 | $607,278 |
| Second mortgage | — | $109,000 | — |
| First P&I | $3,223.94 | $3,223.94 | $4,113.91 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $121.46 |
| Taxes, insurance & HOA | $466.67 | $466.67 | $466.67 |
| Total housing payment | $3,690.61 | $4,490.41 | $4,702.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,722
Closing costs & prepaids$17,535
Usable credit−$0
Total buyer cash needed$85,257
Earnest money paid−$0
Remaining funds due$85,257
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,491.39
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$810.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$532.41
Prepaid interest, second (6 days)$143.34
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$65,591Through Dec 2026
Assumption only · ends Dec 2054$584,965
Assumption + second · ends Dec 2054, second Jan 2057$763,895
New conventional · ends Jan 2057$887,941