Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,147/mo
Lowest payment- Down payment
- $2,353,563
- Funds due
- $2,392,629
- Interest + MI left
- $209,052
- First ends
- Apr 2051
Assumption
Assumption + second
$17,934/mo
+$14,787/mo- Down payment
- $289,563
- Funds due
- $330,756
- Interest + MI left
- $3,468,281
- First ends
- Apr 2051
New loan
New conventional
$19,146/mo
+$15,999/mo- Down payment
- $289,563
- Funds due
- $323,206
- Interest + MI left
- $3,951,321
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $541,437 | $541,437 | $2,605,437 |
| Second mortgage | — | $2,064,000 | — |
| First P&I | $2,561.40 | $2,561.40 | $18,039.52 |
| Second P&I | — | $14,786.75 | — |
| Mortgage insurance | — | — | $521.09 |
| Taxes, insurance & HOA | $585.83 | $585.83 | $585.83 |
| Total housing payment | $3,147.23 | $17,933.98 | $19,146.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$289,563
Closing costs & prepaids$41,193
Usable credit−$0
Total buyer cash needed$330,756
Earnest money paid−$0
Remaining funds due$330,756
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$28,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,707.19
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)$1,107.50
Prepaid interest, first (2 days)$83.96
Prepaid interest, second (2 days)$876.49
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 closing24 yr 5 moOf the original 30-year loan at 2.830%
Interest already paid$92,093Through Nov 2026
Assumption only · ends Apr 2051$209,052
Assumption + second · ends Apr 2051, second Dec 2056$3,468,281
New conventional · ends Dec 2056$3,951,321