Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,680/mo
Lowest payment- Down payment
- $137,241
- Funds due
- $163,418
- Interest + MI left
- $1,185,445
- First ends
- Oct 2054
Assumption
Assumption + second
$8,495/mo
+$815/mo- Down payment
- $57,241
- Funds due
- $84,798
- Interest + MI left
- $1,398,917
- First ends
- Oct 2054
New loan
New conventional
$8,620/mo
+$940/mo- Down payment
- $57,241
- Funds due
- $77,263
- Interest + MI left
- $1,567,006
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $987,759 | $987,759 | $1,067,759 |
| Second mortgage | — | $80,000 | — |
| First P&I | $6,506.60 | $6,506.60 | $7,233.37 |
| Second P&I | — | $815.20 | — |
| Mortgage insurance | — | — | $213.55 |
| Taxes, insurance & HOA | $1,172.92 | $1,172.92 | $1,172.92 |
| Total housing payment | $7,679.51 | $8,494.71 | $8,619.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,241
Closing costs & prepaids$27,557
Usable credit−$0
Total buyer cash needed$84,798
Earnest money paid−$0
Remaining funds due$84,798
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,938.79
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)$2,868.75
Prepaid interest, first (5 days)$901.16
Prepaid interest, second (5 days)$130.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 10 moOf the original 30-year loan at 6.66%
Interest already paid$144,430Through Dec 2026
Assumption only · ends Oct 2054$1,185,445
Assumption + second · ends Oct 2054, second Jan 2057$1,398,917
New conventional · ends Jan 2057$1,567,006