Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$28,122/mo
Lowest payment- Down payment
- $1,593,718
- Funds due
- $1,685,344
- Interest + MI left
- $4,704,920
- First ends
- Nov 2054
Assumption
Assumption + second
$35,594/mo
+$7,472/mo- Down payment
- $550,718
- Funds due
- $644,923
- Interest + MI left
- $6,351,905
- First ends
- Nov 2054
New loan
New conventional
$36,935/mo
+$8,813/mo- Down payment
- $550,718
- Funds due
- $618,077
- Interest + MI left
- $7,236,667
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,906,281 | $3,906,281 | $4,949,281 |
| Second mortgage | — | $1,043,000 | — |
| First P&I | $25,705.08 | $25,705.08 | $33,528.15 |
| Second P&I | — | $7,472.18 | — |
| Mortgage insurance | — | — | $989.86 |
| Taxes, insurance & HOA | $2,416.67 | $2,416.67 | $2,416.67 |
| Total housing payment | $28,121.74 | $35,593.92 | $36,934.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$550,718
Closing costs & prepaids$94,205
Usable credit−$0
Total buyer cash needed$644,923
Earnest money paid−$0
Remaining funds due$644,923
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$54,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$19,531.41
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)$6,600.00
Prepaid interest, first (6 days)$4,276.58
Prepaid interest, second (6 days)$1,328.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 6.66%
Interest already paid$548,908Through Dec 2026
Assumption only · ends Nov 2054$4,704,920
Assumption + second · ends Nov 2054, second Jan 2057$6,351,905
New conventional · ends Jan 2057$7,236,667