Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,223/mo
Lowest payment- Down payment
- $89,112
- Funds due
- $105,568
- Interest + MI left
- $687,490
- First ends
- Dec 2054
Assumption
Assumption + second
$4,424/mo
+$201/mo- Down payment
- $64,112
- Funds due
- $81,861
- Interest + MI left
- $734,906
- First ends
- Dec 2054
New loan
New conventional
$4,553/mo
+$330/mo- Down payment
- $64,112
- Funds due
- $76,451
- Interest + MI left
- $841,897
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $550,788 | $550,788 | $575,788 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,685.35 | $3,685.35 | $3,900.59 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $115.16 |
| Taxes, insurance & HOA | $537.67 | $537.67 | $537.67 |
| Total housing payment | $4,223.02 | $4,424.17 | $4,553.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,112
Closing costs & prepaids$17,750
Usable credit−$0
Total buyer cash needed$81,861
Earnest money paid−$0
Remaining funds due$81,861
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,753.94
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)$768.00
Initial HOA (3 months)$345.00
Prepaid interest, first (7 days)$722.51
Prepaid interest, second (7 days)$43.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.84%
Interest already paid$76,237Through Dec 2026
Assumption only · ends Dec 2054$687,490
Assumption + second · ends Dec 2054, second Jan 2057$734,906
New conventional · ends Jan 2057$841,897