Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,222/mo
Lowest payment- Down payment
- $1,690,944
- Funds due
- $1,733,613
- Interest + MI left
- $387,173
- First ends
- Sep 2051
Assumption
Assumption + second
$16,424/mo
+$10,202/mo- Down payment
- $266,944
- Funds due
- $313,584
- Interest + MI left
- $2,635,788
- First ends
- Sep 2051
New loan
New conventional
$18,346/mo
+$12,124/mo- Down payment
- $266,944
- Funds due
- $304,853
- Interest + MI left
- $3,499,044
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $969,056 | $969,056 | $2,393,056 |
| Second mortgage | — | $1,424,000 | — |
| First P&I | $4,566.43 | $4,566.43 | $16,211.39 |
| Second P&I | — | $10,201.71 | — |
| Mortgage insurance | — | — | $478.61 |
| Taxes, insurance & HOA | $1,655.67 | $1,655.67 | $1,655.67 |
| Total housing payment | $6,222.09 | $16,423.80 | $18,345.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$266,944
Closing costs & prepaids$46,640
Usable credit−$0
Total buyer cash needed$313,584
Earnest money paid−$0
Remaining funds due$313,584
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$26,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,845.28
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)$3,192.00
Initial HOA (3 months)$1,125.00
Prepaid interest, first (9 days)$688.16
Prepaid interest, second (9 days)$2,721.21
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 closing24 yr 9 moOf the original 30-year loan at 2.88%
Interest already paid$156,820Through Dec 2026
Assumption only · ends Sep 2051$387,173
Assumption + second · ends Sep 2051, second Jan 2057$2,635,788
New conventional · ends Jan 2057$3,499,044