Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,226/mo
Lowest payment- Down payment
- $178,135
- Funds due
- $199,178
- Interest + MI left
- $850,133
- First ends
- Dec 2055
Assumption
Assumption + second
$5,934/mo
+$708/mo- Down payment
- $90,135
- Funds due
- $112,558
- Interest + MI left
- $1,017,037
- First ends
- Dec 2055
New loan
New conventional
$6,353/mo
+$1,127/mo- Down payment
- $90,135
- Funds due
- $106,087
- Interest + MI left
- $1,182,694
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $720,865 | $720,865 | $808,865 |
| Second mortgage | — | $88,000 | — |
| First P&I | $4,514.36 | $4,514.36 | $5,479.53 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $161.77 |
| Taxes, insurance & HOA | $711.25 | $711.25 | $711.25 |
| Total housing payment | $5,225.61 | $5,933.68 | $6,352.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,135
Closing costs & prepaids$22,423
Usable credit−$0
Total buyer cash needed$112,558
Earnest money paid−$0
Remaining funds due$112,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,604.32
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)$1,078.75
Initial HOA (3 months)$405.00
Prepaid interest, first (6 days)$746.54
Prepaid interest, second (6 days)$130.19
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 6.3%
Interest already paid$45,706Through Dec 2026
Assumption only · ends Dec 2055$850,133
Assumption + second · ends Dec 2055, second Jan 2057$1,017,037
New conventional · ends Jan 2057$1,182,694