Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,100/mo
Lowest payment- Down payment
- $1,675,454
- Funds due
- $1,707,554
- Interest + MI left
- $177,826
- First ends
- Apr 2051
Assumption
Assumption + second
$13,596/mo
+$10,495/mo- Down payment
- $210,454
- Funds due
- $246,603
- Interest + MI left
- $2,491,184
- First ends
- Apr 2051
New loan
New conventional
$14,198/mo
+$11,098/mo- Down payment
- $210,454
- Funds due
- $240,575
- Interest + MI left
- $2,755,518
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,546 | $419,546 | $1,884,546 |
| Second mortgage | — | $1,465,000 | — |
| First P&I | $2,045.79 | $2,045.79 | $12,766.57 |
| Second P&I | — | $10,495.44 | — |
| Mortgage insurance | — | — | $376.91 |
| Taxes, insurance & HOA | $1,054.67 | $1,054.67 | $1,054.67 |
| Total housing payment | $3,100.46 | $13,595.90 | $14,198.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$210,454
Closing costs & prepaids$36,149
Usable credit−$0
Total buyer cash needed$246,603
Earnest money paid−$0
Remaining funds due$246,603
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%)$2,097.73
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)$2,514.00
Prepaid interest, first (9 days)$319.66
Prepaid interest, second (9 days)$2,799.55
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 3.09%
Interest already paid$78,960Through Dec 2026
Assumption only · ends Apr 2051$177,826
Assumption + second · ends Apr 2051, second Jan 2057$2,491,184
New conventional · ends Jan 2057$2,755,518