Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,268/mo
Lowest payment- Down payment
- $156,238
- Funds due
- $181,715
- Interest + MI left
- $1,198,629
- First ends
- Dec 2054
Assumption
Assumption + second
$7,582/mo
+$314/mo- Down payment
- $117,238
- Funds due
- $144,023
- Interest + MI left
- $1,272,598
- First ends
- Dec 2054
New loan
New conventional
$8,025/mo
+$757/mo- Down payment
- $117,238
- Funds due
- $135,834
- Interest + MI left
- $1,538,947
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,013,512 | $1,013,512 | $1,052,512 |
| Second mortgage | — | $39,000 | — |
| First P&I | $6,583.75 | $6,583.75 | $7,130.08 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $210.50 |
| Taxes, insurance & HOA | $684.58 | $684.58 | $684.58 |
| Total housing payment | $7,268.34 | $7,582.14 | $8,025.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$117,238
Closing costs & prepaids$26,784
Usable credit−$0
Total buyer cash needed$144,023
Earnest money paid−$0
Remaining funds due$144,023
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,697.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,067.56
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)$1,403.75
Prepaid interest, first (6 days)$1,089.59
Prepaid interest, second (6 days)$57.70
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 6.54%
Interest already paid$134,222Through Dec 2026
Assumption only · ends Dec 2054$1,198,629
Assumption + second · ends Dec 2054, second Jan 2057$1,272,598
New conventional · ends Jan 2057$1,538,947