Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,890/mo
Lowest payment- Down payment
- $83,879
- Funds due
- $105,090
- Interest + MI left
- $903,779
- First ends
- Jan 2054
Assumption
Assumption + second
$6,287/mo
+$397/mo- Down payment
- $44,879
- Funds due
- $67,416
- Interest + MI left
- $1,007,847
- First ends
- Jan 2054
New loan
New conventional
$6,503/mo
+$613/mo- Down payment
- $44,879
- Funds due
- $60,979
- Interest + MI left
- $1,232,933
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $801,121 | $801,121 | $840,121 |
| Second mortgage | — | $39,000 | — |
| First P&I | $5,245.85 | $5,245.85 | $5,691.27 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $168.02 |
| Taxes, insurance & HOA | $644.00 | $644.00 | $644.00 |
| Total housing payment | $5,889.85 | $6,287.26 | $6,503.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,879
Closing costs & prepaids$22,538
Usable credit−$0
Total buyer cash needed$67,416
Earnest money paid−$0
Remaining funds due$67,416
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,005.61
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)$1,062.00
Initial HOA (3 months)$219.99
Prepaid interest, first (6 days)$855.99
Prepaid interest, second (6 days)$76.13
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 1 moOf the original 30-year loan at 6.5%
Interest already paid$154,776Through Dec 2026
Assumption only · ends Jan 2054$903,779
Assumption + second · ends Jan 2054, second Jan 2057$1,007,847
New conventional · ends Jan 2057$1,232,933