Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,485/mo
Lowest payment- Down payment
- $286,490
- Funds due
- $305,351
- Interest + MI left
- $749,222
- First ends
- Aug 2054
Assumption
Assumption + second
$5,930/mo
+$1,446/mo- Down payment
- $89,490
- Funds due
- $109,644
- Interest + MI left
- $1,072,608
- First ends
- Aug 2054
New loan
New conventional
$6,121/mo
+$1,636/mo- Down payment
- $89,490
- Funds due
- $103,698
- Interest + MI left
- $1,212,511
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $602,510 | $602,510 | $799,510 |
| Second mortgage | — | $197,000 | — |
| First P&I | $4,059.26 | $4,059.26 | $5,535.65 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $159.90 |
| Taxes, insurance & HOA | $425.42 | $425.42 | $425.42 |
| Total housing payment | $4,484.67 | $5,930.19 | $6,120.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,490
Closing costs & prepaids$20,154
Usable credit−$0
Total buyer cash needed$109,644
Earnest money paid−$0
Remaining funds due$109,644
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,012.55
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)$626.25
Prepaid interest, first (1 days)$113.57
Prepaid interest, second (1 days)$43.18
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 9 moOf the original 30-year loan at 6.880%
Interest already paid$94,510Through Nov 2026
Assumption only · ends Aug 2054$749,222
Assumption + second · ends Aug 2054, second Dec 2056$1,072,608
New conventional · ends Dec 2056$1,212,511