Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$13,424/mo
Lowest payment- Down payment
- $1,461,195
- Funds due
- $1,514,977
- Interest + MI left
- $2,374,814
- First ends
- Dec 2055
Assumption
Assumption + second
$21,383/mo
+$7,959/mo- Down payment
- $350,195
- Funds due
- $405,699
- Interest + MI left
- $4,129,176
- First ends
- Dec 2055
New loan
New conventional
$23,212/mo
+$9,788/mo- Down payment
- $350,195
- Funds due
- $390,076
- Interest + MI left
- $4,775,375
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $2,037,805 | $2,037,805 | $3,148,805 |
| Second mortgage | — | $1,111,000 | — |
| First P&I | $12,643.61 | $12,643.61 | $21,801.69 |
| Second P&I | — | $7,959.34 | — |
| Mortgage insurance | — | — | $629.76 |
| Taxes, insurance & HOA | $780.33 | $780.33 | $780.33 |
| Total housing payment | $13,423.94 | $21,383.28 | $23,211.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$350,195
Closing costs & prepaids$55,504
Usable credit−$0
Total buyer cash needed$405,699
Earnest money paid−$0
Remaining funds due$405,699
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$34,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$10,189.03
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)$1,691.00
Prepaid interest, first (2 days)$694.53
Prepaid interest, second (2 days)$471.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing29 yr 1 moOf the original 30-year loan at 6.220%
Interest already paid$116,885Through Nov 2026
Assumption only · ends Dec 2055$2,374,814
Assumption + second · ends Dec 2055, second Dec 2056$4,129,176
New conventional · ends Dec 2056$4,775,375