Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,324/mo
Lowest payment- Down payment
- $2,025,937
- Funds due
- $2,061,940
- Interest + MI left
- $184,495
- First ends
- Oct 2050
Assumption
Assumption + second
$16,077/mo
+$12,752/mo- Down payment
- $245,937
- Funds due
- $285,458
- Interest + MI left
- $2,995,265
- First ends
- Oct 2050
New loan
New conventional
$16,568/mo
+$13,244/mo- Down payment
- $245,937
- Funds due
- $278,944
- Interest + MI left
- $3,222,667
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $424,037 | $424,037 | $2,204,037 |
| Second mortgage | — | $1,780,000 | — |
| First P&I | $2,127.74 | $2,127.74 | $14,930.91 |
| Second P&I | — | $12,752.14 | — |
| Mortgage insurance | — | — | $440.81 |
| Taxes, insurance & HOA | $1,196.67 | $1,196.67 | $1,196.67 |
| Total housing payment | $3,324.40 | $16,076.54 | $16,568.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$245,937
Closing costs & prepaids$39,521
Usable credit−$0
Total buyer cash needed$285,458
Earnest money paid−$0
Remaining funds due$285,458
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$24,499.74
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,120.18
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)$2,940.00
Prepaid interest, first (6 days)$225.15
Prepaid interest, second (6 days)$2,267.67
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 closing23 yr 10 moOf the original 30-year loan at 3.23%
Interest already paid$91,351Through Dec 2026
Assumption only · ends Oct 2050$184,495
Assumption + second · ends Oct 2050, second Jan 2057$2,995,265
New conventional · ends Jan 2057$3,222,667