Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,390/mo
Lowest payment- Down payment
- $2,424,095
- Funds due
- $2,463,521
- Interest + MI left
- $237,557
- First ends
- Nov 2042
Assumption
Assumption + second
$19,786/mo
+$15,396/mo- Down payment
- $275,095
- Funds due
- $318,508
- Interest + MI left
- $3,631,009
- First ends
- Nov 2042
New loan
New conventional
$18,701/mo
+$14,311/mo- Down payment
- $275,095
- Funds due
- $311,860
- Interest + MI left
- $3,618,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,905 | $325,905 | $2,474,905 |
| Second mortgage | — | $2,149,000 | — |
| First P&I | $2,950.07 | $2,950.07 | $16,765.87 |
| Second P&I | — | $15,395.70 | — |
| Mortgage insurance | — | — | $494.98 |
| Taxes, insurance & HOA | $1,440.00 | $1,440.00 | $1,440.00 |
| Total housing payment | $4,390.06 | $19,785.76 | $18,700.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$275,095
Closing costs & prepaids$43,414
Usable credit−$0
Total buyer cash needed$318,508
Earnest money paid−$0
Remaining funds due$318,508
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$27,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,629.53
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)$3,300.00
Initial HOA (3 months)$369.99
Prepaid interest, first (6 days)$408.23
Prepaid interest, second (6 days)$2,737.77
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 closing15 yr 11 moOf the original 30-year loan at 7.62%
Interest already paid$407,466Through Dec 2026
Assumption only · ends Nov 2042$237,557
Assumption + second · ends Nov 2042, second Jan 2057$3,631,009
New conventional · ends Jan 2057$3,618,720