Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,182/mo
Lowest payment- Down payment
- $1,891,785
- Funds due
- $1,935,785
- Interest + MI left
- $467,971
- First ends
- Oct 2051
Assumption
Assumption + second
$17,588/mo
+$11,405/mo- Down payment
- $299,785
- Funds due
- $345,711
- Interest + MI left
- $2,981,873
- First ends
- Oct 2051
New loan
New conventional
$20,128/mo
+$13,945/mo- Down payment
- $299,785
- Funds due
- $335,388
- Interest + MI left
- $4,087,475
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,103,215 | $1,103,215 | $2,695,215 |
| Second mortgage | — | $1,592,000 | — |
| First P&I | $5,254.80 | $5,254.80 | $18,661.12 |
| Second P&I | — | $11,405.28 | — |
| Mortgage insurance | — | — | $539.04 |
| Taxes, insurance & HOA | $927.50 | $927.50 | $927.50 |
| Total housing payment | $6,182.30 | $17,587.58 | $20,127.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$299,785
Closing costs & prepaids$45,925
Usable credit−$0
Total buyer cash needed$345,711
Earnest money paid−$0
Remaining funds due$345,711
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%)$5,516.07
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)$2,132.50
Prepaid interest, first (2 days)$182.56
Prepaid interest, second (2 days)$676.05
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$180,557Through Nov 2026
Assumption only · ends Oct 2051$467,971
Assumption + second · ends Oct 2051, second Dec 2056$2,981,873
New conventional · ends Dec 2056$4,087,475