Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,401/mo
Lowest payment- Down payment
- $271,667
- Funds due
- $290,148
- Interest + MI left
- $722,685
- First ends
- Jul 2054
Assumption
Assumption + second
$5,773/mo
+$1,372/mo- Down payment
- $84,667
- Funds due
- $104,439
- Interest + MI left
- $1,029,655
- First ends
- Jul 2054
New loan
New conventional
$5,909/mo
+$1,508/mo- Down payment
- $84,667
- Funds due
- $98,691
- Interest + MI left
- $1,151,428
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $572,233 | $572,233 | $759,233 |
| Second mortgage | — | $187,000 | — |
| First P&I | $3,900.35 | $3,900.35 | $5,256.78 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | — | — | $151.85 |
| Taxes, insurance & HOA | $500.83 | $500.83 | $500.83 |
| Total housing payment | $4,401.19 | $5,773.33 | $5,909.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,667
Closing costs & prepaids$19,771
Usable credit−$0
Total buyer cash needed$104,439
Earnest money paid−$0
Remaining funds due$104,439
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,439.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,861.16
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)$852.50
Prepaid interest, first (1 days)$109.59
Prepaid interest, second (1 days)$40.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.990%
Interest already paid$94,598Through Nov 2026
Assumption only · ends Jul 2054$722,685
Assumption + second · ends Jul 2054, second Dec 2056$1,029,655
New conventional · ends Dec 2056$1,151,428