Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$13,832/mo
Lowest payment- Down payment
- $2,836,752
- Funds due
- $2,916,262
- Interest + MI left
- $881,920
- First ends
- Mar 2051
Assumption
Assumption + second
$30,353/mo
+$16,520/mo- Down payment
- $530,752
- Funds due
- $615,918
- Interest + MI left
- $4,523,288
- First ends
- Mar 2051
New loan
New conventional
$35,599/mo
+$21,767/mo- Down payment
- $530,752
- Funds due
- $598,673
- Interest + MI left
- $6,973,429
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $2,463,248 | $2,463,248 | $4,769,248 |
| Second mortgage | — | $2,306,000 | — |
| First P&I | $11,495.42 | $11,495.42 | $32,308.55 |
| Second P&I | — | $16,520.47 | — |
| Mortgage insurance | — | — | $953.85 |
| Taxes, insurance & HOA | $2,336.67 | $2,336.67 | $2,336.67 |
| Total housing payment | $13,832.09 | $30,352.56 | $35,599.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$530,752
Closing costs & prepaids$85,167
Usable credit−$0
Total buyer cash needed$615,918
Earnest money paid−$0
Remaining funds due$615,918
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$53,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$12,316.24
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)$6,360.00
Prepaid interest, first (9 days)$1,615.62
Prepaid interest, second (9 days)$4,406.67
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 3 moOf the original 30-year loan at 2.66%
Interest already paid$407,432Through Dec 2026
Assumption only · ends Mar 2051$881,920
Assumption + second · ends Mar 2051, second Jan 2057$4,523,288
New conventional · ends Jan 2057$6,973,429