Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,864/mo
Lowest payment- Down payment
- $287,543
- Funds due
- $312,023
- Interest + MI left
- $1,142,339
- First ends
- Oct 2054
Assumption
Assumption + second
$8,089/mo
+$1,225/mo- Down payment
- $120,543
- Funds due
- $146,310
- Interest + MI left
- $1,416,478
- First ends
- Oct 2054
New loan
New conventional
$8,412/mo
+$1,548/mo- Down payment
- $120,543
- Funds due
- $138,520
- Interest + MI left
- $1,634,036
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $910,457 | $910,457 | $1,077,457 |
| Second mortgage | — | $167,000 | — |
| First P&I | $6,127.75 | $6,127.75 | $7,460.09 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | — | — | $215.49 |
| Taxes, insurance & HOA | $736.17 | $736.17 | $736.17 |
| Total housing payment | $6,863.92 | $8,089.30 | $8,411.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,543
Closing costs & prepaids$25,767
Usable credit−$0
Total buyer cash needed$146,310
Earnest money paid−$0
Remaining funds due$146,310
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,552.29
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)$1,063.50
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$171.86
Prepaid interest, second (1 days)$36.60
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$132,285Through Nov 2026
Assumption only · ends Oct 2054$1,142,339
Assumption + second · ends Oct 2054, second Dec 2056$1,416,478
New conventional · ends Dec 2056$1,634,036