Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,708/mo
Lowest payment- Down payment
- $178,213
- Funds due
- $198,091
- Interest + MI left
- $695,571
- First ends
- Dec 2054
Assumption
Assumption + second
$5,480/mo
+$772/mo- Down payment
- $82,213
- Funds due
- $103,507
- Interest + MI left
- $877,648
- First ends
- Dec 2054
New loan
New conventional
$5,853/mo
+$1,145/mo- Down payment
- $82,213
- Funds due
- $97,553
- Interest + MI left
- $1,071,456
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $636,787 | $636,787 | $732,787 |
| Second mortgage | — | $96,000 | — |
| First P&I | $3,965.35 | $3,965.35 | $4,964.15 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $146.56 |
| Taxes, insurance & HOA | $742.67 | $742.67 | $742.67 |
| Total housing payment | $4,708.02 | $5,480.45 | $5,853.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,213
Closing costs & prepaids$21,293
Usable credit−$0
Total buyer cash needed$103,507
Earnest money paid−$0
Remaining funds due$103,507
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,183.93
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)$978.00
Initial HOA (3 months)$600.00
Prepaid interest, first (7 days)$747.40
Prepaid interest, second (7 days)$165.70
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 6.12%
Interest already paid$78,994Through Dec 2026
Assumption only · ends Dec 2054$695,571
Assumption + second · ends Dec 2054, second Jan 2057$877,648
New conventional · ends Jan 2057$1,071,456