Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,683/mo
Lowest payment- Down payment
- $866,750
- Funds due
- $894,476
- Interest + MI left
- $933,961
- First ends
- Jun 2054
Assumption
Assumption + second
$10,712/mo
+$5,029/mo- Down payment
- $164,750
- Funds due
- $194,024
- Interest + MI left
- $2,042,478
- First ends
- Jun 2054
New loan
New conventional
$11,055/mo
+$5,372/mo- Down payment
- $164,750
- Funds due
- $186,458
- Interest + MI left
- $2,244,899
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $778,250 | $778,250 | $1,480,250 |
| Second mortgage | — | $702,000 | — |
| First P&I | $5,172.84 | $5,172.84 | $10,248.95 |
| Second P&I | — | $5,029.21 | — |
| Mortgage insurance | — | — | $296.05 |
| Taxes, insurance & HOA | $510.08 | $510.08 | $510.08 |
| Total housing payment | $5,682.92 | $10,712.14 | $11,055.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$164,750
Closing costs & prepaids$29,274
Usable credit−$0
Total buyer cash needed$194,024
Earnest money paid−$0
Remaining funds due$194,024
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,891.25
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)$880.25
Prepaid interest, first (2 days)$286.57
Prepaid interest, second (2 days)$298.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 6.720%
Interest already paid$128,262Through Nov 2026
Assumption only · ends Jun 2054$933,961
Assumption + second · ends Jun 2054, second Dec 2056$2,042,478
New conventional · ends Dec 2056$2,244,899