Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,591/mo
Lowest payment- Down payment
- $177,390
- Funds due
- $193,503
- Interest + MI left
- $552,044
- First ends
- Dec 2054
Assumption
Assumption + second
$4,390/mo
+$800/mo- Down payment
- $68,390
- Funds due
- $85,896
- Interest + MI left
- $730,973
- First ends
- Dec 2054
New loan
New conventional
$4,697/mo
+$1,107/mo- Down payment
- $68,390
- Funds due
- $80,747
- Interest + MI left
- $886,964
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $497,610 | $497,610 | $606,610 |
| Second mortgage | — | $109,000 | — |
| First P&I | $3,123.97 | $3,123.97 | $4,109.39 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $121.32 |
| Taxes, insurance & HOA | $466.67 | $466.67 | $466.67 |
| Total housing payment | $3,590.64 | $4,390.44 | $4,697.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,390
Closing costs & prepaids$17,507
Usable credit−$0
Total buyer cash needed$85,896
Earnest money paid−$0
Remaining funds due$85,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,488.05
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$810.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$507.15
Prepaid interest, second (6 days)$143.34
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 closing28 yrOf the original 30-year loan at 6.2%
Interest already paid$62,524Through Dec 2026
Assumption only · ends Dec 2054$552,044
Assumption + second · ends Dec 2054, second Jan 2057$730,973
New conventional · ends Jan 2057$886,964