Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,936/mo
Lowest payment- Down payment
- $2,354,847
- Funds due
- $2,396,567
- Interest + MI left
- $207,775
- First ends
- Apr 2051
Assumption
Assumption + second
$18,730/mo
+$14,794/mo- Down payment
- $289,847
- Funds due
- $336,763
- Interest + MI left
- $3,468,583
- First ends
- Apr 2051
New loan
New conventional
$19,544/mo
+$15,608/mo- Down payment
- $289,847
- Funds due
- $329,410
- Interest + MI left
- $3,809,165
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $540,153 | $540,153 | $2,605,153 |
| Second mortgage | — | $2,065,000 | — |
| First P&I | $2,561.40 | $2,561.40 | $17,648.21 |
| Second P&I | — | $14,793.91 | — |
| Mortgage insurance | — | — | $521.03 |
| Taxes, insurance & HOA | $1,374.67 | $1,374.67 | $1,374.67 |
| Total housing payment | $3,936.06 | $18,729.98 | $19,543.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$289,847
Closing costs & prepaids$46,916
Usable credit−$0
Total buyer cash needed$336,763
Earnest money paid−$0
Remaining funds due$336,763
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$28,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,700.76
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)$3,474.00
Prepaid interest, first (9 days)$376.92
Prepaid interest, second (9 days)$3,946.13
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 4 moOf the original 30-year loan at 2.83%
Interest already paid$93,370Through Dec 2026
Assumption only · ends Apr 2051$207,775
Assumption + second · ends Apr 2051, second Jan 2057$3,468,583
New conventional · ends Jan 2057$3,809,165