Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$15,104/mo
Lowest payment- Down payment
- $173,879
- Funds due
- $221,565
- Interest + MI left
- $2,634,362
- First ends
- Jan 2056
Assumption
Assumption + second
$15,644/mo
+$540/mo- Down payment
- $120,879
- Funds due
- $169,970
- Interest + MI left
- $2,775,788
- First ends
- Jan 2056
New loan
New conventional
$17,072/mo
+$1,968/mo- Down payment
- $120,879
- Funds due
- $156,010
- Interest + MI left
- $3,344,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $2,226,121 | $2,226,121 | $2,279,121 |
| Second mortgage | — | $53,000 | — |
| First P&I | $13,926.89 | $13,926.89 | $15,439.56 |
| Second P&I | — | $540.07 | — |
| Mortgage insurance | — | — | $455.82 |
| Taxes, insurance & HOA | $1,176.67 | $1,176.67 | $1,176.67 |
| Total housing payment | $15,103.55 | $15,643.62 | $17,072.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,879
Closing costs & prepaids$49,092
Usable credit−$0
Total buyer cash needed$169,970
Earnest money paid−$0
Remaining funds due$169,970
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$24,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$11,130.61
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)$2,880.00
Prepaid interest, first (9 days)$3,458.11
Prepaid interest, second (9 days)$155.19
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 yr 1 moOf the original 30-year loan at 6.3%
Interest already paid$129,317Through Dec 2026
Assumption only · ends Jan 2056$2,634,362
Assumption + second · ends Jan 2056, second Jan 2057$2,775,788
New conventional · ends Jan 2057$3,344,759