Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,164/mo
Lowest payment- Down payment
- $390,367
- Funds due
- $414,708
- Interest + MI left
- $1,007,323
- First ends
- Nov 2054
Assumption
Assumption + second
$8,062/mo
+$1,898/mo- Down payment
- $125,367
- Funds due
- $151,015
- Interest + MI left
- $1,425,780
- First ends
- Nov 2054
New loan
New conventional
$8,619/mo
+$2,455/mo- Down payment
- $125,367
- Funds due
- $143,438
- Interest + MI left
- $1,705,580
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $859,632 | $859,632 | $1,124,632 |
| Second mortgage | — | $265,000 | — |
| First P&I | $5,556.41 | $5,556.41 | $7,786.72 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | — | — | $224.93 |
| Taxes, insurance & HOA | $607.33 | $607.33 | $607.33 |
| Total housing payment | $6,163.75 | $8,062.24 | $8,618.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,367
Closing costs & prepaids$25,647
Usable credit−$0
Total buyer cash needed$151,015
Earnest money paid−$0
Remaining funds due$151,015
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,298.16
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)$1,172.00
Prepaid interest, first (1 days)$152.85
Prepaid interest, second (1 days)$56.27
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 closing28 yrOf the original 30-year loan at 6.490%
Interest already paid$112,986Through Nov 2026
Assumption only · ends Nov 2054$1,007,323
Assumption + second · ends Nov 2054, second Dec 2056$1,425,780
New conventional · ends Dec 2056$1,705,580