Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,284/mo
Lowest payment- Down payment
- $88,990
- Funds due
- $111,054
- Interest + MI left
- $1,019,606
- First ends
- Sep 2054
Assumption
Assumption + second
$6,712/mo
+$428/mo- Down payment
- $46,990
- Funds due
- $70,386
- Interest + MI left
- $1,131,679
- First ends
- Sep 2054
New loan
New conventional
$6,835/mo
+$551/mo- Down payment
- $46,990
- Funds due
- $63,716
- Interest + MI left
- $1,288,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $836,010 | $836,010 | $878,010 |
| Second mortgage | — | $42,000 | — |
| First P&I | $5,572.42 | $5,572.42 | $5,947.95 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | — | — | $175.60 |
| Taxes, insurance & HOA | $711.67 | $711.67 | $711.67 |
| Total housing payment | $6,284.09 | $6,712.07 | $6,835.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,990
Closing costs & prepaids$23,395
Usable credit−$0
Total buyer cash needed$70,386
Earnest money paid−$0
Remaining funds due$70,386
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,180.05
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)$1,110.00
Initial HOA (3 months)$375.00
Prepaid interest, first (6 days)$930.38
Prepaid interest, second (6 days)$81.99
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 closing27 yr 9 moOf the original 30-year loan at 6.77%
Interest already paid$129,075Through Dec 2026
Assumption only · ends Sep 2054$1,019,606
Assumption + second · ends Sep 2054, second Jan 2057$1,131,679
New conventional · ends Jan 2057$1,288,537