Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,497/mo
Lowest payment- Down payment
- $602,731
- Funds due
- $626,016
- Interest + MI left
- $751,839
- First ends
- Jul 2056
Assumption
Assumption + second
$7,950/mo
+$3,453/mo- Down payment
- $120,731
- Funds due
- $145,880
- Interest + MI left
- $1,512,957
- First ends
- Jul 2056
New loan
New conventional
$8,224/mo
+$3,727/mo- Down payment
- $120,731
- Funds due
- $139,663
- Interest + MI left
- $1,578,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $597,269 | $597,269 | $1,079,269 |
| Second mortgage | — | $482,000 | — |
| First P&I | $3,800.30 | $3,800.30 | $7,311.34 |
| Second P&I | — | $3,453.11 | — |
| Mortgage insurance | — | — | $215.85 |
| Taxes, insurance & HOA | $696.67 | $696.67 | $696.67 |
| Total housing payment | $4,496.97 | $7,950.08 | $8,223.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,731
Closing costs & prepaids$25,149
Usable credit−$0
Total buyer cash needed$145,880
Earnest money paid−$0
Remaining funds due$145,880
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,986.34
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)$1,440.00
Prepaid interest, first (6 days)$640.14
Prepaid interest, second (6 days)$614.05
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 yr 7 moOf the original 30-year loan at 6.52%
Interest already paid$16,270Through Dec 2026
Assumption only · ends Jul 2056$751,839
Assumption + second · ends Jul 2056, second Jan 2057$1,512,957
New conventional · ends Jan 2057$1,578,070