Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$14,240/mo
Lowest payment- Down payment
- $271,650
- Funds due
- $314,685
- Interest + MI left
- $2,646,061
- First ends
- Jan 2056
Assumption
Assumption + second
$15,728/mo
+$1,488/mo- Down payment
- $125,650
- Funds due
- $169,982
- Interest + MI left
- $3,035,648
- First ends
- Jan 2056
New loan
New conventional
$17,228/mo
+$2,988/mo- Down payment
- $125,650
- Funds due
- $155,590
- Interest + MI left
- $3,613,683
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $2,228,350 | $2,228,350 | $2,374,350 |
| Second mortgage | — | $146,000 | — |
| First P&I | $13,926.89 | $13,926.89 | $16,439.52 |
| Second P&I | — | $1,487.74 | — |
| Mortgage insurance | — | — | $474.87 |
| Taxes, insurance & HOA | $313.33 | $313.33 | $313.33 |
| Total housing payment | $14,240.22 | $15,727.96 | $17,227.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,650
Closing costs & prepaids$44,332
Usable credit−$0
Total buyer cash needed$169,982
Earnest money paid−$0
Remaining funds due$169,982
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$25,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$11,141.75
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)$290.00
Prepaid interest, first (1 days)$384.62
Prepaid interest, second (1 days)$47.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.300%
Interest already paid$117,618Through Nov 2026
Assumption only · ends Jan 2056$2,646,061
Assumption + second · ends Jan 2056, second Dec 2056$3,035,648
New conventional · ends Dec 2056$3,613,683