Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,363/mo
Lowest payment- Down payment
- $1,823,062
- Funds due
- $1,857,558
- Interest + MI left
- $176,644
- First ends
- Mar 2051
Assumption
Assumption + second
$14,776/mo
+$11,412/mo- Down payment
- $230,062
- Funds due
- $267,838
- Interest + MI left
- $2,692,125
- First ends
- Mar 2051
New loan
New conventional
$15,536/mo
+$12,173/mo- Down payment
- $230,062
- Funds due
- $261,328
- Interest + MI left
- $3,019,281
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $471,938 | $471,938 | $2,064,938 |
| Second mortgage | — | $1,593,000 | — |
| First P&I | $2,228.81 | $2,228.81 | $13,988.61 |
| Second P&I | — | $11,412.45 | — |
| Mortgage insurance | — | — | $412.99 |
| Taxes, insurance & HOA | $1,134.67 | $1,134.67 | $1,134.67 |
| Total housing payment | $3,363.47 | $14,775.92 | $15,536.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$230,062
Closing costs & prepaids$37,776
Usable credit−$0
Total buyer cash needed$267,838
Earnest money paid−$0
Remaining funds due$267,838
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$22,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,359.69
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)$2,754.00
Prepaid interest, first (6 days)$214.89
Prepaid interest, second (6 days)$2,029.44
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 closing24 yr 3 moOf the original 30-year loan at 2.77%
Interest already paid$81,187Through Dec 2026
Assumption only · ends Mar 2051$176,644
Assumption + second · ends Mar 2051, second Jan 2057$2,692,125
New conventional · ends Jan 2057$3,019,281