Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,978/mo
Lowest payment- Down payment
- $1,674,491
- Funds due
- $1,705,979
- Interest + MI left
- $178,909
- First ends
- Apr 2051
Assumption
Assumption + second
$13,466/mo
+$10,488/mo- Down payment
- $210,491
- Funds due
- $243,851
- Interest + MI left
- $2,490,688
- First ends
- Apr 2051
New loan
New conventional
$14,357/mo
+$11,379/mo- Down payment
- $210,491
- Funds due
- $237,671
- Interest + MI left
- $2,857,985
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,509 | $420,509 | $1,884,509 |
| Second mortgage | — | $1,464,000 | — |
| First P&I | $2,045.79 | $2,045.79 | $13,047.96 |
| Second P&I | — | $10,488.28 | — |
| Mortgage insurance | — | — | $376.90 |
| Taxes, insurance & HOA | $932.08 | $932.08 | $932.08 |
| Total housing payment | $2,977.88 | $13,466.15 | $14,356.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$210,491
Closing costs & prepaids$33,360
Usable credit−$0
Total buyer cash needed$243,851
Earnest money paid−$0
Remaining funds due$243,851
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$20,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,102.54
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)$2,146.25
Prepaid interest, first (2 days)$71.20
Prepaid interest, second (2 days)$621.70
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 3.090%
Interest already paid$77,877Through Nov 2026
Assumption only · ends Apr 2051$178,909
Assumption + second · ends Apr 2051, second Dec 2056$2,490,688
New conventional · ends Dec 2056$2,857,985