Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,347/mo
Lowest payment- Down payment
- $348,107
- Funds due
- $373,124
- Interest + MI left
- $1,035,320
- First ends
- Oct 2054
Assumption
Assumption + second
$7,980/mo
+$1,633/mo- Down payment
- $120,107
- Funds due
- $146,713
- Interest + MI left
- $1,395,351
- First ends
- Oct 2054
New loan
New conventional
$8,228/mo
+$1,881/mo- Down payment
- $120,107
- Funds due
- $139,258
- Interest + MI left
- $1,578,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $851,893 | $851,893 | $1,079,893 |
| Second mortgage | — | $228,000 | — |
| First P&I | $5,650.34 | $5,650.34 | $7,315.57 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | — | — | $215.98 |
| Taxes, insurance & HOA | $696.67 | $696.67 | $696.67 |
| Total housing payment | $6,347.00 | $7,980.42 | $8,228.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,107
Closing costs & prepaids$26,606
Usable credit−$0
Total buyer cash needed$146,713
Earnest money paid−$0
Remaining funds due$146,713
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%)$4,259.46
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 (7 days)$1,099.53
Prepaid interest, second (7 days)$338.88
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 closing27 yr 10 moOf the original 30-year loan at 6.73%
Interest already paid$125,852Through Dec 2026
Assumption only · ends Oct 2054$1,035,320
Assumption + second · ends Oct 2054, second Jan 2057$1,395,351
New conventional · ends Jan 2057$1,578,982