Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,111/mo
Lowest payment- Down payment
- $256,961
- Funds due
- $277,217
- Interest + MI left
- $806,437
- First ends
- Oct 2054
Assumption
Assumption + second
$6,329/mo
+$1,218/mo- Down payment
- $90,961
- Funds due
- $112,503
- Interest + MI left
- $1,078,934
- First ends
- Oct 2054
New loan
New conventional
$6,547/mo
+$1,435/mo- Down payment
- $90,961
- Funds due
- $106,344
- Interest + MI left
- $1,226,345
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $642,739 | $642,739 | $808,739 |
| Second mortgage | — | $166,000 | — |
| First P&I | $4,325.90 | $4,325.90 | $5,599.55 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $161.75 |
| Taxes, insurance & HOA | $785.41 | $785.41 | $785.41 |
| Total housing payment | $5,111.31 | $6,329.36 | $6,546.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,961
Closing costs & prepaids$21,543
Usable credit−$0
Total buyer cash needed$112,503
Earnest money paid−$0
Remaining funds due$112,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,997.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,213.70
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)$1,186.25
Initial HOA (3 months)$519.99
Prepaid interest, first (1 days)$121.33
Prepaid interest, second (1 days)$36.38
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 11 moOf the original 30-year loan at 6.890%
Interest already paid$93,387Through Nov 2026
Assumption only · ends Oct 2054$806,437
Assumption + second · ends Oct 2054, second Dec 2056$1,078,934
New conventional · ends Dec 2056$1,226,345