Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$14,260/mo
Lowest payment- Down payment
- $1,463,276
- Funds due
- $1,521,983
- Interest + MI left
- $2,364,251
- First ends
- Dec 2055
Assumption
Assumption + second
$22,234/mo
+$7,974/mo- Down payment
- $350,276
- Funds due
- $412,360
- Interest + MI left
- $4,121,772
- First ends
- Dec 2055
New loan
New conventional
$23,577/mo
+$9,317/mo- Down payment
- $350,276
- Funds due
- $396,962
- Interest + MI left
- $4,603,955
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $2,035,724 | $2,035,724 | $3,148,724 |
| Second mortgage | — | $1,113,000 | — |
| First P&I | $12,643.61 | $12,643.61 | $21,330.55 |
| Second P&I | — | $7,973.67 | — |
| Mortgage insurance | — | — | $629.74 |
| Taxes, insurance & HOA | $1,616.25 | $1,616.25 | $1,616.25 |
| Total housing payment | $14,259.86 | $22,233.53 | $23,576.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$350,276
Closing costs & prepaids$62,084
Usable credit−$0
Total buyer cash needed$412,360
Earnest money paid−$0
Remaining funds due$412,360
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%)$10,178.62
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)$4,198.75
Prepaid interest, first (9 days)$3,122.19
Prepaid interest, second (9 days)$2,126.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 yrOf the original 30-year loan at 6.22%
Interest already paid$127,448Through Dec 2026
Assumption only · ends Dec 2055$2,364,251
Assumption + second · ends Dec 2055, second Jan 2057$4,121,772
New conventional · ends Jan 2057$4,603,955