Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,980/mo
Lowest payment- Down payment
- $2,725,619
- Funds due
- $2,774,232
- Interest + MI left
- $279,318
- First ends
- May 2051
Assumption
Assumption + second
$22,067/mo
+$17,086/mo- Down payment
- $340,619
- Funds due
- $395,039
- Interest + MI left
- $4,045,434
- First ends
- May 2051
New loan
New conventional
$23,059/mo
+$18,079/mo- Down payment
- $340,619
- Funds due
- $386,579
- Interest + MI left
- $4,471,859
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $673,381 | $673,381 | $3,058,381 |
| Second mortgage | — | $2,385,000 | — |
| First P&I | $3,251.53 | $3,251.53 | $20,718.54 |
| Second P&I | — | $17,086.43 | — |
| Mortgage insurance | — | — | $611.68 |
| Taxes, insurance & HOA | $1,728.83 | $1,728.83 | $1,728.83 |
| Total housing payment | $4,980.36 | $22,066.80 | $23,059.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$340,619
Closing costs & prepaids$54,420
Usable credit−$0
Total buyer cash needed$395,039
Earnest money paid−$0
Remaining funds due$395,039
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$33,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,366.91
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)$4,078.75
Initial HOA (3 months)$457.74
Prepaid interest, first (9 days)$501.44
Prepaid interest, second (9 days)$4,557.64
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 5 moOf the original 30-year loan at 3.02%
Interest already paid$121,974Through Dec 2026
Assumption only · ends May 2051$279,318
Assumption + second · ends May 2051, second Jan 2057$4,045,434
New conventional · ends Jan 2057$4,471,859