Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,243/mo
Lowest payment- Down payment
- $84,794
- Funds due
- $107,399
- Interest + MI left
- $988,608
- First ends
- Jan 2056
Assumption
Assumption + second
$6,630/mo
+$387/mo- Down payment
- $46,794
- Funds due
- $70,699
- Interest + MI left
- $1,090,007
- First ends
- Jan 2056
New loan
New conventional
$7,086/mo
+$843/mo- Down payment
- $46,794
- Funds due
- $64,044
- Interest + MI left
- $1,273,700
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $840,206 | $840,206 | $878,206 |
| Second mortgage | — | $38,000 | — |
| First P&I | $5,240.15 | $5,240.15 | $5,907.75 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $175.64 |
| Taxes, insurance & HOA | $1,002.92 | $1,002.92 | $1,002.92 |
| Total housing payment | $6,243.07 | $6,630.29 | $7,086.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,794
Closing costs & prepaids$23,905
Usable credit−$0
Total buyer cash needed$70,699
Earnest money paid−$0
Remaining funds due$70,699
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,201.03
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)$2,358.75
Prepaid interest, first (4 days)$577.32
Prepaid interest, second (4 days)$49.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing29 yr 1 moOf the original 30-year loan at 6.27%
Interest already paid$48,577Through Dec 2026
Assumption only · ends Jan 2056$988,608
Assumption + second · ends Jan 2056, second Jan 2057$1,090,007
New conventional · ends Jan 2057$1,273,700