Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,249/mo
Lowest payment- Down payment
- $176,665
- Funds due
- $202,360
- Interest + MI left
- $1,189,629
- First ends
- Dec 2054
Assumption
Assumption + second
$7,708/mo
+$459/mo- Down payment
- $119,665
- Funds due
- $146,695
- Interest + MI left
- $1,297,738
- First ends
- Dec 2054
New loan
New conventional
$8,158/mo
+$908/mo- Down payment
- $119,665
- Funds due
- $138,485
- Interest + MI left
- $1,565,007
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,013,335 | $1,013,335 | $1,070,335 |
| Second mortgage | — | $57,000 | — |
| First P&I | $6,556.44 | $6,556.44 | $7,250.82 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $214.07 |
| Taxes, insurance & HOA | $692.67 | $692.67 | $692.67 |
| Total housing payment | $7,249.11 | $7,707.74 | $8,157.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$119,665
Closing costs & prepaids$27,030
Usable credit−$0
Total buyer cash needed$146,695
Earnest money paid−$0
Remaining funds due$146,695
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,066.68
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)$1,428.00
Prepaid interest, first (6 days)$1,082.74
Prepaid interest, second (6 days)$84.33
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$133,390Through Dec 2026
Assumption only · ends Dec 2054$1,189,629
Assumption + second · ends Dec 2054, second Jan 2057$1,297,738
New conventional · ends Jan 2057$1,565,007