Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,744/mo
Lowest payment- Down payment
- $269,650
- Funds due
- $294,914
- Interest + MI left
- $1,112,334
- First ends
- Dec 2054
Assumption
Assumption + second
$7,852/mo
+$1,108/mo- Down payment
- $118,650
- Funds due
- $145,396
- Interest + MI left
- $1,360,209
- First ends
- Dec 2054
New loan
New conventional
$8,126/mo
+$1,382/mo- Down payment
- $118,650
- Funds due
- $137,671
- Interest + MI left
- $1,551,869
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $910,350 | $910,350 | $1,061,350 |
| Second mortgage | — | $151,000 | — |
| First P&I | $6,019.89 | $6,019.89 | $7,189.95 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $212.27 |
| Taxes, insurance & HOA | $723.67 | $723.67 | $723.67 |
| Total housing payment | $6,743.56 | $7,851.55 | $8,125.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$118,650
Closing costs & prepaids$26,746
Usable credit−$0
Total buyer cash needed$145,396
Earnest money paid−$0
Remaining funds due$145,396
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,551.75
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)$1,416.00
Initial HOA (3 months)$105.00
Prepaid interest, first (7 days)$1,173.23
Prepaid interest, second (7 days)$231.67
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 6.72%
Interest already paid$123,827Through Dec 2026
Assumption only · ends Dec 2054$1,112,334
Assumption + second · ends Dec 2054, second Jan 2057$1,360,209
New conventional · ends Jan 2057$1,551,869