Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,669/mo
Lowest payment- Down payment
- $1,894,264
- Funds due
- $1,940,349
- Interest + MI left
- $465,194
- First ends
- Oct 2051
Assumption
Assumption + second
$18,089/mo
+$11,420/mo- Down payment
- $300,264
- Funds due
- $350,645
- Interest + MI left
- $2,982,254
- First ends
- Oct 2051
New loan
New conventional
$20,209/mo
+$13,539/mo- Down payment
- $300,264
- Funds due
- $341,001
- Interest + MI left
- $3,940,150
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,100,736 | $1,100,736 | $2,694,736 |
| Second mortgage | — | $1,594,000 | — |
| First P&I | $5,254.80 | $5,254.80 | $18,255.08 |
| Second P&I | — | $11,419.61 | — |
| Mortgage insurance | — | — | $538.95 |
| Taxes, insurance & HOA | $1,414.67 | $1,414.67 | $1,414.67 |
| Total housing payment | $6,669.47 | $18,089.08 | $20,208.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$300,264
Closing costs & prepaids$50,381
Usable credit−$0
Total buyer cash needed$350,645
Earnest money paid−$0
Remaining funds due$350,645
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$29,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,503.68
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)$3,594.00
Prepaid interest, first (9 days)$819.67
Prepaid interest, second (9 days)$3,046.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 3.02%
Interest already paid$183,334Through Dec 2026
Assumption only · ends Oct 2051$465,194
Assumption + second · ends Oct 2051, second Jan 2057$2,982,254
New conventional · ends Jan 2057$3,940,150