Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,499/mo
Lowest payment- Down payment
- $2,437,605
- Funds due
- $2,480,494
- Interest + MI left
- $171,177
- First ends
- Oct 2046
Assumption
Assumption + second
$19,809/mo
+$15,310/mo- Down payment
- $300,605
- Funds due
- $347,466
- Interest + MI left
- $3,545,680
- First ends
- Oct 2046
New loan
New conventional
$20,243/mo
+$15,744/mo- Down payment
- $300,605
- Funds due
- $339,810
- Interest + MI left
- $3,946,962
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $562,395 | $562,395 | $2,699,395 |
| Second mortgage | — | $2,137,000 | — |
| First P&I | $3,082.24 | $3,082.24 | $18,286.64 |
| Second P&I | — | $15,309.73 | — |
| Mortgage insurance | — | — | $539.88 |
| Taxes, insurance & HOA | $1,416.67 | $1,416.67 | $1,416.67 |
| Total housing payment | $4,498.90 | $19,808.63 | $20,243.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$300,605
Closing costs & prepaids$46,861
Usable credit−$0
Total buyer cash needed$347,466
Earnest money paid−$0
Remaining funds due$347,466
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$30,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,811.98
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)$3,600.00
Prepaid interest, first (6 days)$258.86
Prepaid interest, second (6 days)$2,722.48
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 closing19 yr 10 moOf the original 25-year loan at 2.8%
Interest already paid$89,039Through Dec 2026
Assumption only · ends Oct 2046$171,177
Assumption + second · ends Oct 2046, second Jan 2057$3,545,680
New conventional · ends Jan 2057$3,946,962