Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,652/mo
Lowest payment- Down payment
- $167,354
- Funds due
- $189,286
- Interest + MI left
- $953,798
- First ends
- Dec 2055
Assumption
Assumption + second
$6,215/mo
+$563/mo- Down payment
- $97,354
- Funds due
- $120,639
- Interest + MI left
- $1,086,563
- First ends
- Dec 2055
New loan
New conventional
$6,691/mo
+$1,039/mo- Down payment
- $97,354
- Funds due
- $113,699
- Interest + MI left
- $1,275,951
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $802,645 | $802,645 | $872,645 |
| Second mortgage | — | $70,000 | — |
| First P&I | $5,047.25 | $5,047.25 | $5,911.60 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $174.53 |
| Taxes, insurance & HOA | $604.67 | $604.67 | $604.67 |
| Total housing payment | $5,651.92 | $6,215.15 | $6,690.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$97,354
Closing costs & prepaids$23,285
Usable credit−$0
Total buyer cash needed$120,639
Earnest money paid−$0
Remaining funds due$120,639
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,699.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,013.23
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)$1,164.00
Prepaid interest, first (6 days)$836.51
Prepaid interest, second (6 days)$103.56
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 closing29 yrOf the original 30-year loan at 6.34%
Interest already paid$51,212Through Dec 2026
Assumption only · ends Dec 2055$953,798
Assumption + second · ends Dec 2055, second Jan 2057$1,086,563
New conventional · ends Jan 2057$1,275,951