Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,866/mo
Lowest payment- Down payment
- $8,471,400
- Funds due
- $8,576,523
- Interest + MI left
- $916,121
- First ends
- Dec 2055
Assumption
Assumption + second
$59,926/mo
+$54,060/mo- Down payment
- $925,400
- Funds due
- $1,033,376
- Interest + MI left
- $12,831,890
- First ends
- Dec 2055
New loan
New conventional
$60,312/mo
+$54,447/mo- Down payment
- $925,400
- Funds due
- $1,018,138
- Interest + MI left
- $12,624,816
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $778,600 | $778,600 | $8,324,600 |
| Second mortgage | — | $7,546,000 | — |
| First P&I | $4,855.94 | $4,855.94 | $57,637.85 |
| Second P&I | — | $54,060.47 | — |
| Mortgage insurance | — | — | $1,664.92 |
| Taxes, insurance & HOA | $1,009.67 | $1,009.67 | $1,009.67 |
| Total housing payment | $5,865.60 | $59,926.07 | $60,312.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$925,400
Closing costs & prepaids$107,976
Usable credit−$0
Total buyer cash needed$1,033,376
Earnest money paid−$0
Remaining funds due$1,033,376
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$92,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,893.00
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)$2,379.00
Prepaid interest, first (1 days)$133.75
Prepaid interest, second (1 days)$1,602.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.270%
Interest already paid$45,016Through Nov 2026
Assumption only · ends Dec 2055$916,121
Assumption + second · ends Dec 2055, second Dec 2056$12,831,890
New conventional · ends Dec 2056$12,624,816