Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,248/mo
Lowest payment- Down payment
- $1,680,004
- Funds due
- $1,722,578
- Interest + MI left
- $394,982
- First ends
- Sep 2051
Assumption
Assumption + second
$16,385/mo
+$10,137/mo- Down payment
- $265,004
- Funds due
- $311,532
- Interest + MI left
- $2,629,386
- First ends
- Sep 2051
New loan
New conventional
$18,285/mo
+$12,038/mo- Down payment
- $265,004
- Funds due
- $302,806
- Interest + MI left
- $3,487,259
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $969,996 | $969,996 | $2,384,996 |
| Second mortgage | — | $1,415,000 | — |
| First P&I | $4,595.89 | $4,595.89 | $16,156.79 |
| Second P&I | — | $10,137.23 | — |
| Mortgage insurance | — | — | $477.00 |
| Taxes, insurance & HOA | $1,651.67 | $1,651.67 | $1,651.67 |
| Total housing payment | $6,247.55 | $16,384.79 | $18,285.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$265,004
Closing costs & prepaids$46,528
Usable credit−$0
Total buyer cash needed$311,532
Earnest money paid−$0
Remaining funds due$311,532
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$26,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,849.98
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)$3,180.00
Initial HOA (3 months)$1,125.00
Prepaid interest, first (9 days)$700.79
Prepaid interest, second (9 days)$2,704.01
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 2.93%
Interest already paid$159,617Through Dec 2026
Assumption only · ends Sep 2051$394,982
Assumption + second · ends Sep 2051, second Jan 2057$2,629,386
New conventional · ends Jan 2057$3,487,259