Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$15,089/mo
Lowest payment- Down payment
- $163,838
- Funds due
- $209,579
- Interest + MI left
- $2,509,459
- First ends
- Nov 2054
Assumption
Assumption + second
$15,568/mo
+$479/mo- Down payment
- $116,838
- Funds due
- $163,936
- Interest + MI left
- $2,634,874
- First ends
- Nov 2054
New loan
New conventional
$16,547/mo
+$1,458/mo- Down payment
- $116,838
- Funds due
- $150,175
- Interest + MI left
- $3,240,622
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $2,161,162 | $2,161,162 | $2,208,162 |
| Second mortgage | — | $47,000 | — |
| First P&I | $13,942.15 | $13,942.15 | $14,958.86 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | — | — | $441.63 |
| Taxes, insurance & HOA | $1,146.67 | $1,146.67 | $1,146.67 |
| Total housing payment | $15,088.82 | $15,567.75 | $16,547.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$116,838
Closing costs & prepaids$47,098
Usable credit−$0
Total buyer cash needed$163,936
Earnest money paid−$0
Remaining funds due$163,936
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$23,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$10,805.81
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)$2,790.00
Prepaid interest, first (7 days)$2,677.47
Prepaid interest, second (7 days)$107.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.46%
Interest already paid$294,706Through Dec 2026
Assumption only · ends Nov 2054$2,509,459
Assumption + second · ends Nov 2054, second Jan 2057$2,634,874
New conventional · ends Jan 2057$3,240,622