Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,192/mo
Lowest payment- Down payment
- $104,268
- Funds due
- $124,558
- Interest + MI left
- $846,176
- First ends
- Dec 2055
Assumption
Assumption + second
$5,834/mo
+$642/mo- Down payment
- $41,268
- Funds due
- $62,952
- Interest + MI left
- $1,014,286
- First ends
- Dec 2055
New loan
New conventional
$6,114/mo
+$922/mo- Down payment
- $41,268
- Funds due
- $56,999
- Interest + MI left
- $1,135,502
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $710,732 | $710,732 | $773,732 |
| Second mortgage | — | $63,000 | — |
| First P&I | $4,473.87 | $4,473.87 | $5,241.53 |
| Second P&I | — | $641.97 | — |
| Mortgage insurance | — | — | $154.75 |
| Taxes, insurance & HOA | $717.67 | $717.67 | $717.67 |
| Total housing payment | $5,191.54 | $5,833.51 | $6,113.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,268
Closing costs & prepaids$21,684
Usable credit−$0
Total buyer cash needed$62,952
Earnest money paid−$0
Remaining funds due$62,952
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%)$3,553.66
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)$525.00
Prepaid interest, first (7 days)$865.54
Prepaid interest, second (7 days)$143.48
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 closing29 yrOf the original 30-year loan at 6.35%
Interest already paid$45,419Through Dec 2026
Assumption only · ends Dec 2055$846,176
Assumption + second · ends Dec 2055, second Jan 2057$1,014,286
New conventional · ends Jan 2057$1,135,502