Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,728/mo
Lowest payment- Down payment
- $549,092
- Funds due
- $572,629
- Interest + MI left
- $701,334
- First ends
- Nov 2054
Assumption
Assumption + second
$7,802/mo
+$3,073/mo- Down payment
- $120,092
- Funds due
- $145,426
- Interest + MI left
- $1,378,761
- First ends
- Nov 2054
New loan
New conventional
$8,217/mo
+$3,489/mo- Down payment
- $120,092
- Funds due
- $139,012
- Interest + MI left
- $1,576,811
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $649,408 | $649,408 | $1,078,408 |
| Second mortgage | — | $429,000 | — |
| First P&I | $4,032.07 | $4,032.07 | $7,305.51 |
| Second P&I | — | $3,073.41 | — |
| Mortgage insurance | — | — | $215.68 |
| Taxes, insurance & HOA | $696.08 | $696.08 | $696.08 |
| Total housing payment | $4,728.15 | $7,801.56 | $8,217.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,092
Closing costs & prepaids$25,334
Usable credit−$0
Total buyer cash needed$145,426
Earnest money paid−$0
Remaining funds due$145,426
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,985.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,247.04
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)$1,438.25
Prepaid interest, first (6 days)$649.05
Prepaid interest, second (6 days)$546.53
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 11 moOf the original 30-year loan at 6.08%
Interest already paid$83,426Through Dec 2026
Assumption only · ends Nov 2054$701,334
Assumption + second · ends Nov 2054, second Jan 2057$1,378,761
New conventional · ends Jan 2057$1,576,811