Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,337/mo
Lowest payment- Down payment
- $162,833
- Funds due
- $185,731
- Interest + MI left
- $1,027,052
- First ends
- Sep 2054
Assumption
Assumption + second
$6,835/mo
+$499/mo- Down payment
- $100,833
- Funds due
- $125,073
- Interest + MI left
- $1,144,644
- First ends
- Sep 2054
New loan
New conventional
$7,005/mo
+$669/mo- Down payment
- $100,833
- Funds due
- $117,874
- Interest + MI left
- $1,313,269
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $836,167 | $836,167 | $898,167 |
| Second mortgage | — | $62,000 | — |
| First P&I | $5,595.25 | $5,595.25 | $6,084.50 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $179.63 |
| Taxes, insurance & HOA | $741.25 | $741.25 | $741.25 |
| Total housing payment | $6,336.50 | $6,835.37 | $7,005.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,833
Closing costs & prepaids$24,240
Usable credit−$0
Total buyer cash needed$125,073
Earnest money paid−$0
Remaining funds due$125,073
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,180.84
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)$1,198.75
Initial HOA (3 months)$375.00
Prepaid interest, first (6 days)$936.05
Prepaid interest, second (6 days)$91.73
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 9 moOf the original 30-year loan at 6.81%
Interest already paid$129,849Through Dec 2026
Assumption only · ends Sep 2054$1,027,052
Assumption + second · ends Sep 2054, second Jan 2057$1,144,644
New conventional · ends Jan 2057$1,313,269