Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,172/mo
Lowest payment- Down payment
- $187,489
- Funds due
- $208,504
- Interest + MI left
- $882,202
- First ends
- Nov 2055
Assumption
Assumption + second
$5,953/mo
+$780/mo- Down payment
- $90,489
- Funds due
- $112,969
- Interest + MI left
- $1,066,176
- First ends
- Nov 2055
New loan
New conventional
$6,222/mo
+$1,050/mo- Down payment
- $90,489
- Funds due
- $106,521
- Interest + MI left
- $1,183,493
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $712,411 | $712,411 | $809,411 |
| Second mortgage | — | $97,000 | — |
| First P&I | $4,595.43 | $4,595.43 | $5,483.23 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $161.88 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $5,172.09 | $5,952.58 | $6,221.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,489
Closing costs & prepaids$22,480
Usable credit−$0
Total buyer cash needed$112,969
Earnest money paid−$0
Remaining funds due$112,969
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,562.06
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)$1,080.00
Prepaid interest, first (9 days)$1,155.86
Prepaid interest, second (9 days)$215.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 yr 11 moOf the original 30-year loan at 6.58%
Interest already paid$51,118Through Dec 2026
Assumption only · ends Nov 2055$882,202
Assumption + second · ends Nov 2055, second Jan 2057$1,066,176
New conventional · ends Jan 2057$1,183,493